Now if this was in an atmosphere I would do some S turns ...however it's not so only way is to throttle down.
Well S-turns can slow you down in supercruise. I also like to buzz a planet's gravity well to slow down rapidly for my final approach.
In realspace all you can do is cut back on your throttle and let your maneuvering jets slow you down or actively burn away from the station with your main drives.
edit:
Perhaps the insurance system could be tweaked a little so that you "prepay" the insurance fee. That should make it more "n00b friendly" and easier to avoid the OP's predicament. There could also be different levels of insurance.
I'd buy that. I try to keep enough $$$ in my bank account to cover my ship, but sometimes I get a little carried away and fill up my cargo hold and don't realize I've entered the danger zone until my jump drive is spinning up.
Thankfully my profits have progressed to the point where I can't fill my cargo hold with enough goods to bankrupt me....but I still felt a sting when I decided to do a tight turn towards my star immediately after exiting the coriolis station and forgot that this coriolis station was one of the ones with the weird booms that extend out from the hull....400,000 credits worth of gallium gone in an instant.
New step to personal flight protocol added.
Fly directly away from the dock until I am at least 5-6 km away, then orient myself towards my target star.