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You would have to read the specifics of your financing contract. Generally you are required to maintain liability and comprehensive insurance coverage, and if you fail to do so then you are in default on the contract. Sometimes the contract allows the lender to immediately force you to buy their insurance at an outrageous price. Once you are in default, the lender may repo the car.
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Yes, pretty much every auto finance contract these days requires that you maintain full coverage auto insurance until the note is paid off. Failure to maintain the required coverage constitutes a breach of contract "AKA default", subjecting the vehicle to repossession per the terms of your finance note.
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