First of all, your son needs to purchase as much insurance as he can afford. On the one hand, he needs to protect his assets. On the other hand, the best insurance in the world will be of little help for him if he cannot afford the monthly payments, and his policy cancels as a result. Second, he needs to be careful when he drives. The best insurance may not be enough coverage, if he creates an accident bad enough. As for your assets, unless he drives your vehicle(s), they should be fine. However, he does reside in your household, and I am not a lawyer. So, you should seek some legal advice concerning it.

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