Auto - Buying and Insurance
One Name is Sufficient
Many married couples own their homes jointly. Many also put vehicles in both names, but that could be a mistake. While owning a car jointly may not affect insurance rates, it could create a huge liability if you are in an accident and sued. If both you and your spouse are listed on the title, you can both be exposed to liability claims.
The same is true if your child drives one of your vehicles. When they turn 18, consider titling the car they drive in their name. If they are in an accident, you can avoid liability. While that might sound harsh, remember that the average 18 year-old likely has a lot less assets than his or her parents. If your child is an accident in a vehicle titled in your name, you may be liable for damages. Protecting yourself from liability is partly based on making smart choices about how assets are titled; take a close look at how your vehicles are titled. Insurance may cover you in the event of a catastrophe but it may not.