Your aircraft has suffered a gear up landing. Your insurance carrier has been notified and the repair of the aircraft is underway. You don’t have a lien on the aircraft with a bank, so you decide since the aircraft won’t be flying until repairs are complete, a smart move would be to either cancel the insurance, place the coverage on a ground not-in-motion basis, or maybe apply for a lay-up credit, all to save premium dollars.
Source: aopaCancelling your insurance coverage after a loss. Good idea?