The bank you have your car financed thru will give you time to get new insurance, but you should get insurance as fast as you can. They don't want to go through the hassle of coming & getting the car & then taking it back to the dealership to get it sold again. They already have you strapped to it. But a word to the wise, DON'T be driving with no insurance & get into a accident. Then you'll really be up the creek. Without a paddle.

No, but in Florida you have to pay an extra penalty fee of anywhere from 150 to 500$ if you drop your insurance.

Your local laws may be different.

yes, if you are financing a vehicle the vehicle is not yours yet it belongs to the bank...so if u have no insurance the insurance company will notify the finance co/bank and inform them that u are not insured...chances are you maybe ebven repo

i don't know if they will take it. I have seen cases where when the bank is notified of dropped insurance(and they usually have tagged your insurance so they are notified), their own insurance is added to the loan balance and as you can imagine it's not the best deal in the insurance business. You're better off getting insurance quick before they hit you w/ their insurance and you end up paying 2 or 3 times what it would cost you.