22 year son - limiting our personal risk

Another option is to keep the car and your son on your policy as an additional driver and then explore getting an umbrella policy for all of you. $1 million dollar policy is not that expensive. It usually requires a certain level of liability coverage on the autos (250/500) as well as on your home. Some things to remember. If you or your sons driving records is not exemplary they may not write the Umbrella or write it excluding your son. Ask you agent for a quote.
 
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