yes you can, but if you don't have comprehensive ie fire theft or collision your not covered, if your car burns you pay, if it is stolen you pay for another car, if you crash it you pay, so if you owe money on it, I'd have full coverage.
to add to his answer the lean holder may also require at most $500 deductable on collision. If you pay cash for it and own it outright, then you can choose not to have collision coverage.