As the car owner you could have vicarious liability. This means you may be liable for the negligent actions of another person (your son) using a vehicle you own, even though you were not directly responsible for the incident.

There are many other factors that may affect if you would be held liable if your son was in an accident in the vehicle. Factors such as if your son is a minor, if he lives in your household with you and if you claim him on your taxes as a dependant could likely make you responsible as a parent to the actions of your child.

If your son is a minor who is licensed and you signed on his application for the driver's license then you assumed responsibility for him as a driver. Under Florida Statute 322.09, the driver's license application of any person under the age of 18 must be signed and verified by a parent or guardian or other responsible adult who is willing to assume the obligation imposed under this Statute chapter.

Part 2 of this goes on to state that any negligence or willful misconduct of a minor under the age of 18 years when driving a motor vehicle upon a highway shall be imputed to the person who has signed the application of such minor for a permit or license, which person shall be jointly and severally liable with such minor for any damages caused by such negligence or willful misconduct.

Therefore, by signing the driver's permit application of your child you are assuming legal responsibility for the child's accidents and reckless driving along with him or her. To find out what liability you have in your current situation with your son and the vehicle, I would suggest contact a lawyer with experience in the field of Florida liability laws.

As for your son obtaining insurance, it would be wise to make sure the limits are high enough so that if he was in an accident they would cover the other party properly. If they do not then as the owner you could be held responsible for amounts in excess of the policy limits. You may want to think about getting an Umbrella policy to help protect your assets. 

We have now partnered with Safeco to offer umbrella policies.Follow this link or call 1-800-936-0356 to get a quote for both auto insurance and an umbrella policy.