Ok so heres the situation:
I think i will be looking at a reposession soon of my leased vehicle. The reason being is because i cant afford the current auto insurance coverage it requires. I have not been late on a payment nor have I had it very long or plan on being late for a payment but i just will not try to afford the insurance. I currently have Geico when this original deal went down the sales guy added the car to my insurance for me since when i tried it online it didnt notice the VIN ... 3 months later Honda sends me a letter stating that my coverage is too low and requesting i up it to the qualified coverage. Obviously i didnt read the contract thoroughly stupid on my part all i saw was a new car (i'm 22) but besides that its still bad my monthly payments are $656 and my insurance right now with my state min is $300 when i put it to the approp amount it goes to $1000 per month no way im going to afford that ..How will this repo affect my credit? does anyone have suggestions? also keep in mind this was not mentioned to me either as if i knew i was suppose to have this coverage i would have definitely not signed then...
Have you shopped around for insurance? At your age I had an Infiniti at $85 a month and then a Nissan Titan at $95 a month through Esurance at 100/300 limits.
I can't imagine what in the world would cost you $300 a month in insurance. I was looking at Dodge Chargers with a V8 and the insurance quotes I was getting were $215 a month, and that is with not even having a license for 3 years (being lumped into the inexperienced driver category).
What kind of vehicle is it?
Call other insurance companies, every single one of them, and check with them. I found great prices with Progressive. Esurance also had lower monthly payments.
Edit: Unless you're an enormous risk for the insurance company. Such as DUI's, lots of tickets, etc.
What insurance terms is the company requiring you have? Most require a $500 deductible and full coverage.
Even at 22 that is a lot for insurance. Is it a sports car? Those do tend to be more.
Before doing a voluntary repo, which will kill your score, shop around. Can you get USAA?
First shop around. Secondly, oftentimes you can get the minimum requirement and then reduce it the next month. Finally play with the numbers, let's say they require a $500 deductible, so reduce bodily injury etc. Most of the carriers like esurance USAA etc. have a what if scenario generator. We were with essurance for a while which was cheaper than USAA. When we added my 16 year old, USAA became much less epensive so we switched to them. Each insurer has their risk profile and pricing scenarios play around with them.
Your doing something wrong. I live in NJ as well and IM only 21 , had my license since I was 17 like evrryone else. Ive also never had my own insurance because Im under my parents car so im in the unexperienced category as well.
The reason I say all that is because recently Ive been getting quotes for a 2013 camaro and they all come anywhere betrween 200-300 a month. Unless you have alot of points , or alot of accidents , then your doing something wrong.
If you do have points , I took an online defensive driving course for 20 bucks and it removed 2 points , literally took an hour.
Otherwise , not sure what the heck is going on with your quotes. Also just so you know always make up stuff on those. Say your car is in a garage , put low miles for travel and say you have good security system on it , those all make a difference.
Are you sure you're insured through GEICO?
It sounds like the salesman may have duped you and insured you through their "preferred" insurance companies which have their own mandatory coverage requirements... they are always WAY more expensive than GEICO, StateFarm, All-State, etc.
Shop around, there's no reason to pay that much for insurance. I had a BMW 2-seat convertible when I was 23/24 and paid under $200 per month; full-coverage and it was my daily driver in California.