Considering Title Loan to pay off car so that I Can Drop Insurance

This might not make sense because Im in my early twenties and Im relatively new to finance. But I have a car that I owe 7,400 on with 32% APR and 250/ month payment. The payments are easily doable but my insurance has sky rocketed to $500/ month for full coverage and I cant afford that.

I was offered what’s basically a collateral/title loan to pay off my car but the loan will use my car as collateral. I was thinking what If I use that loan to fully pay off the car, could I then drop full coverage insurance and switch to liability-only to save money?