My wife took an auto loan for my father in-law. The registered owner is my wife. The insurance is under my father in-law's name. My name is not anywhere in the documents and I do not have anything to do with the vehicle.
The owner of the automobile is required to have an auto insurance policy. Anyone driving with the owner's consent, causing an accident and is at fault exposes the owner of the automobile to liability.
My response above is only general, legal and business analysis. It is not "legal advice." It is my own analysis based on the limited brief summary you presented. Other attorneys may have a different analysis and opinion especially if more facts are considered. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in the State of New Jersey.
Best to have it in his name, and best never to finance a depreciable object such as a car....if you can't afford to pay cash, don't buy it.
The liability of an owner of a vehicle involved in an accident is limited to the same amount as the minimum required liability insurance. For bodily injuries this is $!5k per person up to $30k per incident. For property damage it is $5k. So assuming there was minimal coverage that will protect you and your wife.
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