Maybe... maybe not. I think the insurance firms are obliged to report lapsed/reduced cover to Dept of Justice. If they get a report of yours having been reduced and pass that to NTA, NTA may not process it until after you restore full cover and will then lapse or suspend your licence from the date you reduced the cover... they won't reactivate it automatically so you could still end up as an illegal... all because you seem to think the rules don't apply to you.