Financed a car- car insurance went WAY up?

Query by as2633: Financed a vehicle- auto insurance policy went WAY up?
My husband and I lately sold our aged auto and financed a utilized very low mile 2007 ford fusion. Our automobile insurance plan previously was about sixty dollars a month, now it's above $ 200.00. The explanation our charge increased was our finance business calls for particular insurance coverage (complete and collision) that we failed to have prior to. My query is, do we have to preserve this insurance policy on the

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