Buy an older but clean Ford Ranger and drive it through high school. Tell your folks to put the car money and insurance toward your college tuition.
6 or 8 years down the road, buy an S550 and mod the living **** out of it.
^this right here. I hate when people told me that when I was 17, but man, college was expensive. Granted, I ended up with an older V6 Mustang when I was 17 (took 7 years of paper routes).
But answering your question and not giving you advice: That doesn't seem out of the realm of prices, but only an insurance agent can answer that. My fiance has a less than perfect driving history. When she went to get quotes on a new Edge, Statefarm quoted her 450 a month. We shopped around and found great coverage for a slightly used Jeep for just over a 100 a month.
Also, she doesn't drive my Mustang.