Sounds like what you are after is whats called comp or comprehensive here in
the US.
My insurance man said that a good rule of thumb is not to get comp and
collision (2 seperate coverages here) when the premium is more then 5x or so
of the value of the car.  Naturally one must still carry liability to a
level comensurate with one's holdings, and in the case of young drivers due
consideration must be paid to their earnings when they finish their
education....

Upshot - for 5/8 of the value of the car just deal with it's loss if
something happens, and drive like (as my wife says when I get into the
curves too far) a Volvo owner.

--Steve (still saving for the 911)

I have a 940 turbo in Surrey before moving from N.Ireland (3rd part only).
It was £500 in N.Ireland, then £280 in Surrey, both from Elephant.co.uk.
Most other companies didn't offer 3rd part much less than fully comp, but
Elephant was the first I came across to had a bif difference.

I'm 39 with no points (only 3 speed cameras in N.I. so far), I guess its
probably the points aren't doing you any favours.  Insurance is nothing to
do with car value, if the car was worth nothing the insurance would still be
£500, its all to do with how much damage you can (or are likely to) cause.
Since I've been in Surrey driving around Surbiton/Ealing I been hit 3 times
in minor collisions (no damage to me or other vehicles, and always the
others fault) and nothing in the last 10 years in N.Ireland.  London drivers
are much more agressive than NI, aswell as more cars and more bad drivers,
why they think London has a lower risk escapes me (maybe the lower speeds
mean minor collisions aren't reported or claimed).