What is your liability as a co-buyer if there an accident and the car was not being driven by either buyer but third person?

If an accident occurs while a co-owned car is being driven by a third person and the accident is caused by the negligence of the third party, both co-owners may be held liable up to the extent of the limits of the car's insurance policy. This is because you are responsible for the negligence of your friends, family, and anyone you allow to borrow your vehicle unless your insurance covers it.

To further expand on this, here are some key points regarding the liability of co-buyers in such situations:

1. Negligence: If the third-party driver was negligent and their negligence caused the accident, both co-owners could be held liable for damages caused to the third party and their property.

2. Insurance Coverage: The insurance coverage for the vehicle plays a crucial role in determining the extent of co-owners' liability. For example:

- If the co-owners have primary insurance coverage, their policy will likely provide coverage for accidents caused by third-party drivers.

- If the third party driver has their own insurance coverage, their insurance policy might step in to cover the damages, depending on the policy terms and conditions.

- If there is no insurance coverage or the coverage provided is insufficient, the co-owners could be held personally liable for the damages.

3. Joint and Several Liability: In some jurisdictions, co-owners may be jointly and severally liable for damages caused by a third-party driver. This means that either co-owner could be held liable for the full amount of damages, and the third party can seek compensation from either or both co-owners.

4. Contribution Rights: If one co-owner ends up paying more than their fair share of damages, they may have contribution rights against the other co-owner to recover the excess amount paid.

5. Legal Representation: It's essential for co-owners involved in such accidents to seek legal advice to understand their rights, responsibilities, and options for claiming compensation or defending any lawsuits arising from the accident.

6. Importance of Insurance: Given the potential liability involved, it's crucial for co-buyers of vehicles to ensure that they have adequate insurance coverage to protect themselves in case of accidents involving third-party drivers.

Remember, the laws and regulations regarding co-owners' liability in case of accidents involving third parties may vary across jurisdictions, so consulting with legal professionals to understand the specific circumstances and applicable laws is recommended.