@Jeff *****
your O-A insurance needs to be a one year policy to coincide with the stamped one year Extension of Stay you receive when getting the extension at Thai Immigration.
You cannot stop and re-start the policy when you travel outside Thailand and return.
There are affordable O-A policies available which have the option to have a high deductible which greatly reduces the policy cost.
Here is an example of what I mean. Issued by one of the Thai approved insurance companies and meets the minimum O-A policy requirements.
Shop around and you will find good choices for your O-A extension of stay.
Good Luck..
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