Where are you in Thailand?? If it's rural nobody cares, just be prepared to pay for any damage if an accident is your fault, to many people commenting thinking it's the same rules as their home country.
Remember with the METV visa, if you do a border bounce just before the expiry use by date, you will get stamped in for another 60 days, that you can extend once at your local immigration office, doing it that way you can get 8 to 9 months out of that visa.
I use an insurance broker that has an office in Pattaya, I purchased accident and critical illness cover, I think they were two separate policies, at a cost of between ฿6000 and ฿7000 each for a 12 month policy, I don't have any links from the messages I mentioned, because I always just delete them, but if you want the link to the insurance broker I use, I could DM the link to there website in a message, it is run by a British expat, you could e-mail them for a quote, or even better depending on your location, just go to there office for a chat so you know who your dealing with.
Generally speaking, you could just take out a good accident and critical illness cover, and self insure for everything else, it's not expensive to treat minor illnesses, a bad accident or a critical illness are the two things that could potentially cost you a lot of money, I get messages everyday from AXA and AIA saying polices start from ฿9 a day.
the people that claim they can get you a Thai driver's license, without you doing any test or producing your home country licenses, are scammers, but there are legitimate agents in places like Pattaya, that can assist you to convert your home country licenses, together with an IDP, into full Thai licenses at the DLT, by completing a simple colour blind and reaction test, it's fully legal.