You bet. If the other owner of the vehicle doesn't carry insurance on the vehicle -- or lets it lapse -- and has an at-fault accident, the injured party can certainly come after you as a part owner of the vehicle.
If the other owner carries insurance, however, you're pretty safe. The insurance carrier handling the vehicle and any accidents will protect the owners' interests to the limits of the policy. If you know the vehicle has insurance, and you're still worried, take a moment to review the policy coverages and limits on the vehicle. Just so you know, the insurance you carry on the vehicle you do drive would not extend to a co-owned vehicle like this, unless you've told your carrier about it.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
Liability coverage offers coverage for bodily injury and property damage to the other vehicle and passengers who you hit if the accident is your faulty. It does not cover you or anyone in your vehicle.
When you cause an accident that damages another vehicle or hurts someone
When you cause an accident that damages another vehicle or hurts someone
You are subject to liability insurance requirements whether or not an accident occurs. An accident has nothing to do with liability requirements. You are required to have liability insurance of at least the minimum required by your state before getting into a vehicle and driving it. Driving is what triggers the law.
Yes. Anyone can file suit against anyone for any reason. Whether it gets dismissed right off the bat or not is dependent.
You are subject to liability insurance requirements whether or not an accident occurs. An accident has nothing to do with liability requirements. You are required to have liability insurance of at least the minimum required by your state before getting into a vehicle and driving it. Driving is what triggers the law.
It does not pay for your vehicle. You would have to have collision insurance. In a one vehicle accident, liability only would come into affect if you caused damage to another person's property.
This means that if the accident was your fault, your insurance will pay(up to an amount that is on your policy) for the other property and persons involved in the accident. Liability insurance does NOT cover your vehicle damage.
Property damage liability car insurance will cover the individuals car and property that you hit. It will not cover anything to do with your vehicle if the accident is your fault.
You might. Many states have vicarious liability laws. Vicarious liability in this situation means that as the vehicle owner, you may be responsible for how the vehicle is used. You should consult an attorney licensed for your jurisdiction.
Certainly, liability insurance has nothing to do with who owns the vehicle. It deals with protecting the owner of the vehicle if sued as a result of an accident. Collision and theft protect the owner of the vehicle from loss.