Ive said it before and ill say it again
If you cant afford the insurance, you cant afford the car
Why spend all your cash on a nice car to skimp on insurance? If it gets stolen you wont get much back (if any at all).
As for the whole "ill put it in my parents name and list me as a nominated driver" the insurance companies have been cracking down on this. Dont forget you also have to register the car in their name or any claim you make may be void.
3rd party fire and theft is a waste of time imo - pay the extra and fully cover yourself
Its your money - spend it wisely