Can i just cancel my auto insurance?

i think insurance is stupid. im paying $50/mo in case i get in an accident and in case its my fault. thats not going to happen and even if it did. i cant afford my deductable or the increased rates they'd charge me. so why not just cancel insurance all together and if that highly doubtful accident thats my fault happens i can jsut get a loan to pay for the other persons car. so why not just cancel insurance and pocket that $50/mo? i mean think about it.. thats 600 a year...ive gotten pulled over twice in the 4 years ive had a licence... so every other year? and its a $300 fine for not having insurance? (both times ive been pulled over i have not been asked to show insurance) sounds like a good idea to me...