Honestly if you drive only used cars that cost under 10K and are financially stable with a decent emergency fund would you still get full coverage?
I was going over the numbers today and if my wife any I both dropped to liability only it would save us around $1500 a year. Since neither of our cars are worth more than $6000 if we drive them for four years and save the difference we could have purchased our own car in the event of an accident.
Sadly this isn't an option as I still owe money on my car and my emergency fund is not yet at a level that I would be comfortable taking on this risk. Though I really think in two years when the emergency fund is at a comfortable level and my car is paid off I will drop full coverage and not look back.
I wouldn't have full coverage if I was in your situation. Since you can't drop it, take a look at raising your deductable. Many people have very low ded limits which means their insurance is higher than it needs to be. You might also shop around for new insurance. I have a friend who switched companies and raised his ded limit and saved about $800/year.