co signer liability for auto purchase

I have been asked to co sign on a car loan for a friend. Will I be held liable for any accident damage claims that exceed the insurance coverage? Both parties are residents of California.

If you are listed as a registered owner of the vehicle, you can be held liable for any and all damages. Do a search of co-signer on this site and read some of the horror stories written by those that that have co-signed for others. If that don't change your mind, nothing will.