Vehicle Insurance

[LSUh20fowler]

Need some much needed advice. My son is 18. I have his truck in my name and he is on my insurance. Can he get an insurance policy on the truck on his own while its under my name? And if so, with my name on the title, can I be sued if hes in an accident?

 

[Guate_shooter]

YES he can get anl Insurance Policy eventhough the car is not on his name, it goes by VIN # ,

They might make him have you as a secondary driver on his policy though, but he will be the main policy holder and responsible person

 

[DuckYou]

The important thing is that his coverage should be equal or higher than your coverage, i.e. if you have 100/300 he needs at least 100/300.

This goes even if you do transfer the title of the truck into his name.

The trend over the past couple of years has been to sue the parents who have given cars, or who own the cars, for the difference in the insurance limits. Your insurance policy would not cover this type of liability.

Example:
If he had state minimum coverage of 10/20 and you had 100/300. He hits a new Mercedes worth $120,000. His insurance pays the $10,000 and Mr. Mercedes' insurance company's lawyer sues you for $90,000. He wins, you owe $90,000 and have not insurance coverage for this type of liability.

Mr. Mercedes could lose, but you are still out $10,000 in law fees.

Also keep in mind that the average price of a car on the road today is $40,000, so you should have a minimum coverage of $40,000.

 

[JadeRaven]

You can be sued regardless of how you set it up

It's probably going to cost him a lot more to be on his own policy, unless you're with an expensive company to begin with.

 

[jimdana1942]

I think anybody can be sued by anybody for anything, it seems that way.

 

[LSUh20fowler]

So basically, he needs to get a loan in his name for the truck and his own insurance policy before I'm not liable.??

 

[DuckYou]

If his insurance limits are the same, then you are not likely to be sued. With children, you are always going to have some sort of liability, until you become the liability to them. That is just the way that life is today, unfortunately.

 

[Gumbo]

Just because you can buy insurance on something doesn't mean you actually have any coverage. I would recommend calling a personal lines agent, but if memory serves me correctly, if he went and bought a policy right now and listed the truck, he wouldn't have any collision or comp coverage but he would have liability. You can't insure something you don't have any ownership in.

 

[dantheman]

So basically, he needs to get a loan in his name for the truck and his own insurance policy before I'm not liable.??

I gave my son a truck I had . We went to the Notary and had it transferred into his name . He has his own insurance policy . It would have been cheaper to keep it in my name and under my policy , but I did Not want the liability .
Stuff happens .

 

[charlie12]

I gave my son a truck I had . We went to the Notary and had it transferred into his name . He has his own insurance policy . It would have been cheaper to keep it in my name and under my policy , but I did Not want the liability .
Stuff happens .

That's what my girlfriend did with her daughter. She didn't want to loose everything she's worked for if the girl got into a wreck.

 

[dantheman]

That's what my girlfriend did with her daughter. She didn't want to loose everything she's worked for if the girl got into a wreck.

Amen to that .

 

[LSUh20fowler]

Hes just gonna have to get a loan at the bank. I bought the truck for him last January with the intentions of him paying the notes and insurance once he graduated and got a job. Well he graduated, I got him a good job. Well he screwed up bad this week, so no more driving the truck until I'm not liable for anything he has control over. I wouldn't mind letting the truck stay in my name with his own insurance policy, but that doesn't seem to get the liability off me. So, he'll either figure out a way to get everything in his name or I'll have two new Z71's to drive. Thanks guys for the help.

 

[deafdave3]

Need some much needed advice. My son is 18. I have his truck in my name and he is on my insurance. Can he get an insurance policy on the truck on his own while its under my name? And if so, with my name on the title, can I be sued if hes in an accident?

You're 34 and you have an 18 year old son? You got started early, eh, my boy!?

 

[LSUh20fowler]

He my stepson that I've raised since he was 6. Hes treated as well as I know how to treat a son and has been given more than most.

 

[deafdave3]

He my stepson that I've raised since he was 6. Hes treated as well as I know how to treat a son and has been given more than most.

Hope I didn't offend you. Didn't mean to.

 

[LSUh20fowler]

Not at all. Takes a lot of people by surprise. Its unusual but we've made it work.

 

[jms]

I gave my son a truck I had . We went to the Notary and had it transferred into his name . He has his own insurance policy . It would have been cheaper to keep it in my name and under my policy , but I did Not want the liability .
Stuff happens .

Agree completely !