Can a car be owned by a Coporation in one state and be registered and insured in another state if the car is garaged in that second state?

Yes. It's very common for businesses to do exactly that - register vehicles in a state other than where the company is incorporated - especially with commercial motor carriers. Each state will have certain criteria which will need to be met before a vehicle can be registered in that state. Usually, at least one of the requirements will be that the entity registering the vehicle own or lease property in that state.