Auto Insurance Claims: Legal owner always liable?, dodge ram, coverage limits

Question
I have a truck (2011 Dodge Ram) that is in my name only.  My boyfriend is driving it, making all of the payments, and is carrying the insurance on it.  My concern is that if he gets in a accident wherein he is at fault, his coverage limits could be exceeded and the injured party could then sue me as the legal owner.  My boyfriend thinks that if he signs a notarized statement that says he is the only one responsible and liable for anything related to the truck that I cannot be sued.  Is that true?  How much weight would a notarized statement like that carry in a situation where the injured party is looking to sue to recover damages beyond the limits on my boyfriend's policy?  By the way, I am not on the policy but I am listed as an "interest" because I am the legal owner.

Answer
Hi Carrie,

No. I have never heard of a notorized letter getting you off the hook. If you are liable under the law a notorized letter does not change the law.

If you are listed on the policy as an additional insured or as lienholder then you are covered. However you still have the issue of policy limits. You should have your boyfriend check into increasing the limits. Unless he has a horrible driving record, it really does not cost much more to increase the liability limits. It might also be a good idea to shop the market. It may take a little work but it is worth the peace of mind that you are seeking.

I hope this helps
Richard Hixenbaugh