How much your current car cost, or is worth, is irrelevant to how much insurance you need.
Its a psychological trick to think of insurance in terms of the value of what is being covered.
What matters is what it would cost to replace.
If your car was totaled, would you be willing (and able) to buy a used car for $3000? If so, thats the number to compare in your math.
Subtract the deductible, as tooqk pointed out, leaves you with $2000 of real benefit.
You are paying an extra $300 a year for the coverage. In 6.5 years the premium is more than what it would have cost to replace it yourself.
As trammatic pointed out, collision only covers it in the event that a crash is your fault (otherwise the other person's insurance would pay).
Based on your past experience, do you expect to total a car every 6.5 years? Hopefully not!
Not only do you have to adjust for mileage, you also have to adjust for driving habits. If you are less reckless than the average driver, your risk of causing a crash drops dramatically.
Of course, if you could get by without a car, that means the real benefit is $0, for which you are spending $300 every 6 months.
Maybe your insurer is different, but afaik you normally have to get comp and coll as a set, you can't have one without the other. In which case there is no point in considering them separately.