Auto Leases and Personal Liability

[dm333]

My family is leasing three cars - one my wife, daughter (20 yrs old), and myself. All cars are on the same insurance policy which is in my name. Each of us is designated as a principle driver on one vehicle. Should each of our leases be in a different name (e.g., one in my wifes, one in my daughters and one in mine)? We were told that putting them in different names would limit our personal liability. Does it matter whose name is on the lease(s)? We live in Michigan. Thanks....

 

[seniorjudge]

You need to ask your insurance carrier your questions.

 

[dm333]

Thanks for your reply. I did ask my insurance carrier about this and they said that everyone on the policy is covered up to the policy limit. They did not want to comment beyond that since they were not in a position to provide legal advice. My question: If something occurs which exceeds my policy limits, then who is liable? And is that liability determined by the name on the lease agreement? If so, should the lease contracts all be in different names?