If you are stilling paying off a loan on your car then it is very likely that the lender requires you to keep not only the mandatory state minimum liability insurance on the vehicle but also physical damage coverages (collision and comprehensive).

You can discuss the matter with your financial institute whom your loan is through as well as go through your loan documents. These documents typically include the requirement that you keep full insurance on the vehicle for the term of the loan so that the lien holder's asset (the car) is protected.

Also in most states to keep registration on a vehicle you will need to carry at least the state's minimum required insurance on the vehicle. So if you are taking the vehicle off the road for a long length of time you may also want to check with the DMV about what you need to do regarding your registration and plates.

Remember that even though the vehicle is not going to be driving on the roadway does not mean that damages could not occur to it and the need for auto insurance will not be there. A car in storage or parked off the roadway may still sustain damage from other vehicles, weather (i.e. hail) or be stolen.