A third noooooooooo!
I guess at least when the time is right you can just buy a bike in the knowledge that you have the license.
EDIT: That £500 quote wasn't with MCE was it? If so then look into them carefully. They are generally regarded as the worst insurer and recently cancelled many people's policies.
Funny enough, yes it was I've heard bad things about them before so was highly skeptical with that result.