One other thing, about issuance of a new registration, do i need to surrender the registration if the plates are lost, destroyed, or stolen?
yes. you need to report plates that are lost, stolen or destroyed and surrender the registration in these causes the dmv can issues you a new registration and plates
So what you are telling me is that only New York insurance coverage is allowed?
Yes you must have New York insurance coverage for any type of vehicle registered in New York.