Auto Insurance Claims: Insurance settlement, own insurance, insurance settlement

Question
In August 2004 I co-signed a loan for a car and got stuck paying over $17K out of my pocket.  Now I decided to sell the car and my son begged me to sell it to him for $5k, so I did. He got a loan threw Wells Fargo.
15 days later, my son wrecked the car. The insurance company has called it a total loss and are paying off wells fargo, and paying an additional $5000 because blue book is over $9k.  So my question is, Who should get the extra money. Me or my son?  He owned the car for 15 days. Its my insurance policy, and he is listed on it as a covered driver.  But legally, it is his car.  He knows I have lost $17K on the deal, and I dont see how or why he should get any extra money other than having his loan paid off and he walks away free and clear.

Answer
Hi Sally,

This is a tough situation. The insurance company will requiore that the title be signed over to them. The will likely issue the check to the titled owner. I think under the circumstances. you should get the money. You should give your son the same explanation that you gave me. I don't know how old your son is but it it were me, regardless  of his age, I would tell him the way it was going to be as opposed to asking for permission. You are the one that is out the money, you are the one that did him a favor by selling him the car for half of it's value. You take the money. Let him learn what life is about. He should work and save his own money to buy his own car and his own insurance without a co-signer.  But thats just me.

I hope this helps
Richard Hixenbaugh