Suspending your policy will allow you to reduce your payments without having to fully cancel. This is a great way to save some money on an amenity you are not using. Only suspend your policy if you are not driving at all. Driving without insurance is illegal.
Keep in mind that suspending your coverage isn’t really suspending your insurance per se. Almost every state requires that any registered vehicle maintains liability coverage. While a suspension wouldn’t stop payments on the vehicle, it allows you to reduce your coverage to the cheapest level possible.
That said, it may not always be possible. if you’re financing your car, this isn’t the case. Lenders will require you to keep full coverage for the duration of the loan, so you may have to bite the bullet. Also, not every insurance provider allows a suspension of policy, so be sure to check with your provider.