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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 35850
Experience:  16 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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Auto insurance

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Hello recently married and my wife has a son 24 and moved back home recently. As he was unable to purchase a car himself his mom purchased for him. My question, the kid has a bad driving record therefore wants to insure at the lowest possible liability levels 25k injury 25k property. Car is legally registered to wife.If he goes with the lowest level insurance and has significant accident assume that other party could go after wife and in turn my assets should damages exceed 25k correct??  Live in Virginia if that makes a difference

Hello and welcome! My name is XXXXX XXXXX I will try my level best to help with your situation or get you to someone who can.
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.If he goes with the lowest level insurance and has significant accident assume that other party could go after wife and in turn my assets should damages exceed 25k correct??
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That is correct. If he gets in an accident and the injured party sues and is awarded more than the 25K policy limits, then this means that your wife could be subject to any amount over that since she is the legal owner of the car.
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They couldn't directly come after assets that were either in your name solely or were held by you and wife in "tenancy by the entirety". But they could come after anything she had in her name solely or that was in "joint tenancy".
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So if you are going to go this route, it would be a good idea to make sure anything that your name is XXXXX XXXXX wife is a "tenancy by the entirety" designation so it is protected.
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Thanks
Barrister
Barrister and 3 other Legal Specialists are ready to help you
Customer: replied 3 years ago.

To clarify my 401k is listed in my name only as is the house which were both purchased or started before the marriage so they are safe. If I have a car that is listed in my name with survivor rights to her is that safe? If the car is placed in his name and he is the legal owner and insurance policy holder can either my wife or i be held liable based on him living in my home. If i co signed a loan for him to re title the car in his name am I liable for anything other than the repayment of loan?


 


thanks


 


 


 

To clarify my 401k is listed in my name only as is the house which were both purchased or started before the marriage so they are safe.
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Yes, they are both safe.
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If I have a car that is listed in my name with survivor rights to her is that safe?
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Yes, still safe.
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If the car is placed in his name and he is the legal owner and insurance policy holder can either my wife or i be held liable based on him living in my home.
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No, not at all. Merely living with someone doesn't make them liable for the occupant's legal problems.

If i co signed a loan for him to re title the car in his name am I liable for anything other than the repayment of loan?
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No.
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Thanks
Barrister
Barrister and 3 other Legal Specialists are ready to help you