One of the conditions for a bank financed vehicle is that, it should be comprehensively insured. You do have the freedom of choice to find another insurer for your car but the Bank needs to be notified as they have their interest noted on the current policy. So, in this case, your finance provider will need to be made aware of your intention to cancel the current policy but will allow it once a replacement and confirmed policy is provided. You cannot simply cancel and drive without cover as this will be in breach of your credit agreement with the Bank.
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