I also had cancelled my insurance previously because I was in and out of work and finding it tough to afford.
The caveat here is that when asked for registration and proof of insurance I handed him an insurance card that stated it was still active.
The officer found out later and phoned me and to make sure I didn't just switch insurance companies he also said to expect a Summon shortly.
I was nervous on the phone and tried to get away with it.
I am 26 with no priors. Speeding ticket a couple years ago (had insurance in that instance)
First question is Should I be worried about receiving jail time?
Secondly what are my chances of getting the fines reduced?
2) I'd say unlikely, especially since you mislead police. You may want to consider hiring a paralegal to represent you, since the minimum fine on a first offence is $5,000.