Keep in mind, if you do not cancel your insurance and do not make your payment, your policy will be canceled for non-payment. This can negatively affect your credit record and put you in a high-risk category for future insurance policies.
Depending on your state and insurance company, you may be charged a cancellation fee that can start from $25 or 10% of the remaining policy. One way of avoiding the fee is by having the policy cancelation date and renewal date the same. Many insurance providers do not have a fee, but you can call them to check before canceling the policy.