Auto Insurance Claims: parental liability for adult child not living home, legal liability for owned vehicle

Question
my adult child, an honor student, graduated from college and no longer lives at home. the vehicle is registered in our name and we are paying the insurance.  if we continue to do so what liability are we assuming?  If we are taking on full liability are our IRA accounts subject to a claim?  Also, does homesteading our home protect it in case of a claim? we live near Fresno California.

Answer
Even if you weren't paying the insurance, primary financial responsibility (in case of legal liability) for the use of an automobile falls with the owner.

A homesteaded residence is safe from seizure due to a civil judgment, but an IRA may not be (but could be sheltered). Without a lot of details I'm sure you wouldn't want to broadcast over the internet, this is about as good of an answer as I can provide.  I hope this helps!

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Regards,
Justin