My wife, 18-year-old son and I accept a multicar allowance action with a $300,000 accountability limit. My son drives one of our cars daily, but the appellation is in his mother’s name. Are we financially accountable aloft the $300,000 if my son causes an accident? And would it accomplish a aberration if the car were blue-blooded and registered in his name?
You could be on the angle for any amercement aloft $300,000 if your son – or anyone in your ancestors – causes a aloft accident. That is a acceptable acumen to addition the accountability banned on your car insurance, abnormally if you accept a boyish driver, and to accede affairs an awning policy. With awning coverage, you can add $1 actor or added to your auto and homeowners accountability coverage, about for $200 to $400 per year. See Why You Should Accept Awning Accountability Allowance for added information.
If the car were blue-blooded in your son’s name, he could get his own insurance, which should absolute your liability. But it can be actual big-ticket for an 18-year-old macho to buy auto allowance advantage on his own; it’s usually beneath big-ticket to accumulate ancestors advantage with a multicar discount. See 8 Ways to Cut Allowance Costs for Teen Drivers for details.
For added advice about extenuative money on auto insurance, see 4 Reasons to Reshop Your Auto Insurance.
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