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My husband and I have co-signed for our son's car loan, and also he is listed on our car insurance coverage. If he gets in an accident, can we be sued?

marked as duplicate by D Stanley, Nathan L, Joe, Dheer, Bob Baerker Nov 27 '18 at 3:44

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    I marked a possible duplicate, although in that case the cosigner is not on the insurance policy. In this case, though, the insurance coverage is shared, so that may be the link rather then the cosigning. – D Stanley Nov 26 '18 at 19:47
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    The trouble is, that answer is completely wrong and is specifically wrong in Florida. – Pete B. Nov 26 '18 at 20:07
  • What country are we talking about here? – Jobjörn Folkesson Nov 26 '18 at 21:06
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Yes you can be sued successfully. Also if he loans his car to a friend, and that friend does something negligent you can be sued successfully for that as well.

In the view of personal liability, you as a cosigner, are just as good as an owner.

In my own case, my child owns her own car and has her own insurance. We are not on the title of the car and there is no loan on the car. However, she does live with us. Given all that, we are likely to be sued if she or someone driving her car does something negligent. As such we carry high liability coverage on our home owners and automotive policies. She also carries that same high liability coverage.

If your net worth is over 300K, it is likely that an umbrella policy might be in order.

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    Pretty damned astute answer! – Fattie Nov 26 '18 at 17:22
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    @Fattie, thanks. I talked with a lawyer, extensively about this. – Pete B. Nov 26 '18 at 18:02
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    @PeteB. I'm not sure if your comment is sarcastic, but I am skeptical about the answer. I fail to see where a cosigner is legally liable for damages caused by the driver. Cosigning does not convey ownership; only responsibility for the loan. If the cosigner is also on the title, then it's a different story. I think the link here is the insurance coverage, not the cosigning. – D Stanley Nov 26 '18 at 19:43
  • @DStanley It is not sarcastic. I've talked with a lawyer about this and as part of a liability application I was specifically asked if I was a cosigner on any kind of property. Upon further questioning the underwriter told me that a cosigner is often considered an owner in a tort case. Also given the nature cosigning questions on this site, often times a "cosigner" is really the primary on the title despite being told something different from the dealership. – Pete B. Nov 26 '18 at 20:01
  • This answer is specific to Florida, or? – Jobjörn Folkesson Nov 26 '18 at 21:06

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