While many large insurance companies have guidelines as far as insuring your classic car, it's worth remembering that you're also now an antiques buyer, for all intents and purposes. You're insuring the vehicle not only as a car, but also as a collector's item. That brings in a host of other questions, concerns and things to keep in mind. And if you'll be driving the car, that means taking on additional insurance premiums.
Keeping the car in good shape at all times should help you avoid some costs, but one thing you can't skimp on here is the cost of ensuring that all your hard work, time, and investment of money and labor are protected. You'll be paying this insurance as long as you have the vehicle, which makes it another necessary ongoing expense.
Have a good look at your insurance provider's Web site, compare prices, and make sure that you're looking at apples-to-apples comparisons for the kind of machine you want to have at the end of the project.