If you're looking for a good ZR-1 to drive and enjoy,I personally wouldn't touch that wrecked car with a ten foot pole. The price is too high and the potential problems are many. Decent cars are all over the place. If you're serious about purchasing a ZR-1,then drop me a line and I'll help you find a good one.
As far as this car, I can't believe I did not probe the coverage issue any deeper before we really started negotiating. Being that I have known of the car for almost two years, and started seriously thinking about buying it several months ago, I don't know why I did not do more research then.
If I had the cash money, it would not be an issue. This is because I would drag it home, paint it, put the interior and trim back in, tweak everything else out, then apply for full coverage along with photos and docs. However, I would still take a small chance of something happening to it between that time (ie fire) and then loosing everything.
Well, we will see if something else pops up on the radar screen that is too good to be true.
In the mean time, I appeased my appetite for power by getting the go fast parts on the way for the 69.
If patient,a great deal on a ZR-1 will fall in your lap. One of our new Registry members brought his ZR-1 to our National Meet at Carlisle. It was a White/Grey '91,40K miles,chrome five spokes,etc,that he paid $18,500 for. The car was beautiful. Deals like this don't grow on trees but they're out there. Right now,there's a very nice Black Rose/Black '92 with 35K miles & chromed wheels in our KOTH classifieds that the owner is asking $28K for,,an exceptional car in a rare color. If someone is looking for a ZR-1,I'm always here to help.
A lesson that I have learned about buying cars that need work: Double the estimate of how much money it will cost to restore it and triple the estimate of how much time it will take. In my opinion you are always better off spending more money up front for a car that needs less work.
Keep looking, there are some real bargains on '90 and '91 ZR-1s. It is not unusual to see nice ones selling in the 20K range. I paid in the low 20s for my '91 with 28K miles from the orignal owner 9 months ago. Prices are still dropping. Nine months ago I thought that it was a bargain, now it seems like an average price.