We have an exchange student living with us and enrolled at a local college. He is now 18 years old and will continue to live with us for the forseable future. He is currently on our insurance policy which is expensive due to the high liability limits we have in place.
We think, perhaps, he should purchase his own policy and put the car he drives in his own name (instead of my name).
He has no significant assets. He could get his own policy and save quite a bit by having minimum liability coverage. He sometimes transports our kids.
In the unlikely event that he is involved in an accident, is found at fault, and the damages exceed his policy, is it possible that we would be sued?
Two possible scenarios:
1. He drives HIS car and is at fault in an accident.
2. He drives one of OUR cars.
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