I do not practice in yoru state, but generally there is a tendency to settle cases within policy limits and a tendency to give lowball offers prior to trial... a combination that usually results in some cases going to trial. I would contact your insurer and request a copy of the policy and read in detail what the specifications are
It is unclear from your question whether YOU will be held 'liable' for the motor vehicle accident, since you say that it was your son who was 100% at fault. Pursuant to New York State Vehicle and Traffic Law Section 388, an owner of a motor vehicle can be held responsible for the acts of the driver. So, if you owned the car that your son was driving, there is a chance that you in fact can be held liable for his actions.
It is not stated in your question how much the suit against your son (and you?) is for, nor how much your policy covers (25k, 100k, something else?). However, if you are being sued for more than the limits of your insurance policy, there is a chance that you can be held responsible for any amount of a judgment which exceeds those limits.
You are entitled to contact and hire a personal attorney in this situation BEFORE a verdict is taken in the case. Your attorney will protect your interests insofar as they are not covered by your insurance policy.
