That depends.
“You could cancel if you’re keeping it in storage and not using it for a while,” Worters says.
But she adds that “canceling your coverage creates a gap in your insurance history that may put you in a high-risk category with your insurer. That may mean you have to pay a higher premium when you decide to reinstate your policy down the road.”
Worters also points out that if you still have a car loan you’re paying off, your lender may require you to hold insurance as a condition of the loan.