While not a legal professional, I would be inclined to believe that the liability is attached to the vehicle. The vehicle needs to carry liability insurance (by law). If it doesn't the Owner is at risk. For any amounts over the insured coverage the owner may be liable.
The driver is criminally liable (unless the vehicle is not legal, including not or under-insured as to legal requirements). In other words, if he causes injury or death, he will be the first dragged to jail.
The owner may be liable if his driver has no legal license too or the case is being made that he let a drunk person drive (knowingly, allegedly).
I would not do it. And if I'd have to do it, I would CONSULT my lawyer(s) first and, among other things, ask if it would not protect me further to have such a vehicle in an incorporation's name (NOT the one which also holds the house, obviously).
... J-D.