Content to claim a car on insurance -- this is extravagant (8)

I believe the answer is:

macaroni

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'this is extravagant' is the definition.
The definition suggests a singular noun which matches the answer.

'content to claim a car on insurance' is the wordplay.
'content to' indicates the answer is hidden within the clue.
'MACARONI' can be found hidden inside 'claim a car on insurance'.

Can you help me to learn more?

(Other definitions for macaroni that I've seen before include "Slender tubes of pasta" , "A Minorca kind of pasta" , "penguin?" , "Long thin pasta" , "Hollow pasta" .)

I've seen this clue in The Telegraph.

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