It's a 30 minute phone call to your insurance company, or better a trip to their office if they have one. You want increased coverage for passengers of your vehicle if there is an accident. If the troopy is in your name and insurance is in your name it all falls on you and not your parents which is as it should be if your over 18. As long as you're sober with fully functioning lights/vehicle driving slowly/responsibly from campus to clubs close by at non-highway speed and everyone is seated and inside the vehicle you'd be hard pressed to find a jury to say you're grossly negligent.....However lawyers will sue for having hot coffee spilled in your lap. So make a reasonable effort on both fronts insurance and safety..............
...............If you are serious about making money with the troopy for a couple of years you could perhaps spend $300 or so to form/register a LLC and transfer the troopy ownership to it and bring the business above board taxes and all but if theres a lawsuit the business gets sued and it sort of stops there......Lawyer friend consultation is needed to work up the plan and confirm or deny it is worthwhile..........If you pay the taxes on the money you make and have a business formed with or without the LLC you can start a self directed 401K and tax shelter much higher amounts than a traditional or roth IRA and every expense related to your vehicle becomes a business expense making it TAX free(12-20% cheaper). Talk to a pro, but If you do and do this at your age you will be far ahead of most people 15 years your senior....Want to be a millionaire at 40? Go figure out what I just talked about and run with it. Good luck!
