Generally, I would not recommend cancelling your insurance in this scenario for various reasons. First of all, if you have a loan against your car, you very likely are required to carry insurance on your car and you would be violating the contract by cancelling the insurance. Second, someone could still vandalize or steal your car (or someone could crash into your car) and if you cancel your insurance, then there would not be coverage for those risks. Third, if you are in someone else’s car and get into an accident, then there would be no PIP coverage in that scenario to pay your medical bills for a car accident, as you are required to have PIP on your own car if it is operable. Lastly, if you have been in an accident recently (and assuming you were not at fault), your insurance may not raise your rates as Florida law does not allow your own insurance company to raise your rates, cancel or non-renew you because of an accident where you were not at fault. However, if you cancel the insurance and then go to add it back later, your insurance company as well as other insurance companies very likely may factor that into their pricing and you could be in a situation where you are paying much more for the car insurance after cancelling it versus before.
