No. You still need to show proof of financial responsibility. You can purchase a liability-only type policy that protects you from claims made against you by the other driver if you are At Fault in an accident.
If the vehicle is worth a bit of money, you should probably obtain a stated (or agreed) value policy, that protects your investment should it be damaged in a collision or otherwise. A stated value policy is not limited by actual cash value(depreciated value) like a standard personal auto policy.
Talk to an insurance producer licensed for your jurisdiction.
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