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A general answer to this general question, the vehicle owner and driver are ultimately responsible for property damage and injuries when a loss occurs. If the "damages" exceed your auto policy limits, you could be held responsible for the excess exposure (damages beyond the stated policy limits). Keep in mind your insurance carrier will attempt to resolve the claim within your policy limits and does owe you a defense if this situation should surface.
If you are worried about your exposure, insure to your risk (low exposure low limits, high exposure higher limits). To address you issue of insurance and children to minimize your risk, not your children's risk, you could buy them a car, title it in their name and secure a separate auto policy for that vehicle. Keep in mind this works for children age 18 and older.
Discuss with your attorney, insurance agent or insurance company to apply state laws or specifics to your personal issues.
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If it has a skirt or tires, it WILL cost you money!
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