Is there a way to release liability of a vehicle while still being a registered owner?

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Is there a way to release liability of a vehicle while still being a registered owner?

If I am one of three registered names on a
vehicle is there a release of liability form the
other two parties can sign to protect me if
either of them are in a car accident? The
vehicle is not in my possession but I am on the
registration. All three parties are of legal age
and I do wish to continue being on the
registration.

Asked on April 23, 2018 under Accident Law, Washington

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

You can't release yourself, or be released, vis-a-vis third parties: that is, you and/or your co-owners cannot give up or release other person's rights to sue *all* owners, including you, if there is an accident involving the vehicle (or, for that matter, a breach of some agreement or contract about the vehicle, such as--if it is financed--a failure to make the monthly payments). Your co-owners could agree to indemnify you, or pay on your behalf, if you are sued and end up having to pay due to your ownership of the car, but that would be between you and them: i.e. it would give you the right to sue them if you end up having to pay anything. It would in no way prevent you from being sued by a third party, but rather would only give you recourse for reimbursement. 
And, of course, it would be voluntary on your co-owner's part to give you such an indemnification agreement, and it's not clear why they would do this.


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