Your state, like most, only requires liability coverage on vehicles but your finance company is not likely to agree. Typically finanace companies require you to carry collision and comprehensive coverages on the vehicle since until you pay for the car in full they have a financial stake in it.

Collision and Comprehensive coverages will help cover the car up to its actual cash value - so they can recoup the value of the vehicle if it is a 'total loss' in an accident.