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S

stherio

Guest
We reside in NY state. We have a son who is a sophmore in college in NY. He will be living year round at his school. We would like to sign over our truck to him and insure him on his own. We will continue to pay his premiums and he will be our dependent. Will we have any liability if he is in an accident?
 


I AM ALWAYS LIABLE

Senior Member
<BLOCKQUOTE><font size="1" face="Arial, Helvetica, Verdana">quote:</font><HR>Originally posted by stherio:
We reside in NY state. We have a son who is a sophmore in college in NY. He will be living year round at his school. We would like to sign over our truck to him and insure him on his own. We will continue to pay his premiums and he will be our dependent. Will we have any liability if he is in an accident?<HR></BLOCKQUOTE>

My response:

Not if you sell the truck to him for $1.00 with a written contract of sale. Then, it's his, and it's his sole responsibility and liability. Just make sure your name does not appear on any title, or insurance, for the vehicle. The law, or the DMV, or the insurance company, cares not where the money for insurance, upkeep, licensing, or repairs, or dependancy, comes from. Only that it's paid on time by someone.

IAAL



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