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For $1,500 a month your money would be much better spent on Pay-Per-Click advertising, at least then you will actually be bringing in traffic. Paying for SEO is the hope that you may some day get free traffic which in this day and age just isn't worth it.
Look into Facebook advertising. You can target specific behaviors that may be connected with an insurance purchase like "likely to move", "new home buyer", "recent mortgage borrower", "new vehicle purchase" (even down to the category of vehicle) and lots more. If you spend some time really targeting your ads you can see good results. For example, if targeting hybrid car owners, show a picture of a hybrid car and have text like "You're saving the environment - now save some money!"