بسم الله الرحمن الرحيم
It is not allowable to get the car insured as it contains interest or gambling, but if there is some legal compulsion then it is allowable.
الضرورات تبيح المحظورات.
Allah knows Best!
Darul Uloom Deoband
This answer was collected from the official ifta website of Darul Uloom Deoband in India.