When the kids start to drive

[melrorer]

State Virginia

My son who is 19 and just received his drivers license, is driving my car (which is his but is in my name) and has since been added to my insurance policy with full coverage. I wanted to put the car in his name, but my insurance company said that he will have to get his own insurance, which will be approx $300 a month, since he is a male. He cannot afford this a month, nor can I. I'm just thinking if he is ever in an accident, am I liable, even though he has been added to my insurance policy. Can someone give me some insight on this and any experiences that have occured with their young adults, driving a car that is not registered in their name....

Thank you

 

[rmet4nzkx]

State Virginia

My son who is 19 and just received his drivers license, is driving my car (which is his but is in my name) and has since been added to my insurance policy with full coverage. I wanted to put the car in his name, but my insurance company said that he will have to get his own insurance, which will be approx $300 a month, since he is a male. He cannot afford this a month, nor can I. I'm just thinking if he is ever in an accident, am I liable, even though he has been added to my insurance policy. Can someone give me some insight on this and any experiences that have occured with their young adults, driving a car that is not registered in their name....

Thank you

If you can keep him on your insurance until he is 22 or 23 the rates should go down. The average male will have 1 or 2 accidents and several moving violations during that time. You should also increase your policy limits to be on the safe side. Make sure he pays his share of your insurance bill.

 

[stephenk]

as the owner of the car, yes you would be liable but your liability would be limited.

Make sure you have at least $100k in liability coverage. If you own a home increase the coverage to $500k.