"I've never seen a cop there" isn't a real good excuse. Doing burnouts/donuts, etc, meh. It's fun once in a while (read: once). Buying new $300 tires really syphons on the bank account, so...
Letting your insurance lapse though, is wholly inexcusable. Insurance is something you definitely have to pay attention to. Read the statements intently. If I have a question about mine, I call my agent the next day. It's not their fault (nor their responsibility). If you're not paying attention to your statements, and the amounts owed, resulting in you not paying them enough each month/quarter/etc, you can't really blame them for dropping you.
It sounds like you rolled the dice and the house won.
I can't say I really feel sorry for you. But I do hope you learn something from this.
There's an inherant responsibility of owning and operating a vehicle. If you can't maintain that responsibility, you shouldn't be owning or operating a vehicle.
Sounds like the consequences of your actions may give you some time to think about what you've done as you're taking the bus for a few months.
If I come off as harsh, that's the point. While it is unfortunate, it was 100% completely preventable and hopefully that's the lesson that's learned here.