04-10-2009, 04:53 PM
thermarest wrote:
Hmmmm....so...the people here who are suggesting that he would take on liability for her actions by being listed on the same insurance policy
My insurance agent explained it to me like this. In the event of a serious accident or fatality even the maximum level of insurance might not be enough to satisfy the judgement. It would be pointless to go after a young person who doesn't have a lot to lose, but with your name on the vehicle and insurance policy it would open up the possibility to go after the deeper pockets. With equity in your home, vehicles and other valuable property you would make a much more attractive target.
I tried to help out my oldest son, giving him advantages that I never had as a kid. I kept him on my insurance policy into his early twenties. I had co-signed for his truck and kept him on partly to protect myself. He repaid me by drinking and having a couple accidents that more than doubled his rate, then I had to track him down every month to get his insurance payment if I even could. His one vehicle cost more to insure than all 3 of mine. He hit a patch of ice and totaled his truck and nearly got my whole policy cancelled. I took the check, paid off the truck and took him off my policy.
He's was great when he was a kid and we had few if any problems with him all the way through high school; But young adults sometimes don't make very wise decisions. Now he pays for them himself and unfortunately for them so will his younger brothers.