Should I drop my full coverage insurance?

I have a 2003 Hyundai Elantra GLS Sedan with 81,000 miles on it. Because the value of it is fairly low ($2750 KBB avg. trade-in and $2,600 NADA avg. trade-in) I am considering dropping my full coverage.

My premium is $304 every 6 months, with a $500 deductible.

I got a quote for dropping full coverage. To maintain the legal requirements for liability insurance I would still have to pay $182 every 6 months.

Progressive bases their totalled-out cars on Actual Cash Value, which I'm assuming to be similar to average trade-in for the books.

What do you think? Is it worth it to drop it?