The decision to maintain your auto insurance coverage is really dependent on whether or not you plan to buy a new vehicle in the near future. If you cancel your policy and then buy another vehicle within the next month or two, the insurance rates
for that vehicle will be much higher than if you maintained coverage. Most insurance companies offer a discount for being continuously insured and you will lose that discount if you cancel your policy and need another in a short time frame. If you plan to be without a vehicle for 6 months or longer then it might make sense to cancel your policy. Keep in mind that, if you choose to cancel your policy, you won't be paying insurance premiums but will also be faced with higher rates when you need to be insured again.