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Are the parents personally liable if a 19 year old on their policy gets into a serious accident over insured amounts in Florida in a leased car where the 19 yr old is the leasor the parents co-signed?
Wiki User
∙ 18y ago
Yes.
Wiki User
∙ 18y ago
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I cosigned on an automobile loan and insurance for my son. Who is responsible if the insurance is not paid up and he gets in an accident?
As a cosigner, You are jointly and separately liable for any and all amounts that might arise out of the finance note you guaranteed.
Are the parents personally liable if a 19 year old on with her own policy gets into a serious accident over insured amounts in Mass where the 19 yr old lives with her parents?
No she is an adult at 19.
Would probably occur from under-coverage?
If you are found to be liable for damages in an accident and your insurance is insufficient to cover the cost, you will personally have to come up with the cash. The other driver in an accident (or their insurance company) may attach a lien on your house or other assets to obtain the amount in question. This is why homeowners generally take care to have larger amounts of car insurance, so they don't risk losing their house.
Would probably occur from under coverage?
If you are found to be liable for damages in an accident and your insurance is insufficient to cover the cost, you will personally have to come up with the cash. The other driver in an accident (or their insurance company) may attach a lien on your house or other assets to obtain the amount in question. This is why homeowners generally take care to have larger amounts of car insurance, so they don't risk losing their house.
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