As mentioned and speaking from experience of both 360's and a number of insurance policies £1500 is a good start (when I was 25 my 740GL was £1200 to insure, by the time I was 27 my 760GLE cost £1600 now I'm 36 and my 240GL is only £290 the prices do come down eventually), if you find a good 360 grab it with both hands and guard it as you would your own life or iphone! Lay off the mods til you have accumulated some NCB this will give you extra time to do more homework, collect the relevant parts or perhaps appreciate the car as it is as there really aren't many stock Volvos of this vintage left out there.
Whatever your choice good luck there are plenty here to help with advice and we all like looking at photos of our hard work.
Scott
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