Insurance is a double edged sword. It is expensive for high dollar cars but you gotta have it. I try and manage my costs because i have 4 collector car policies. I look at actual sale prices including auctions and private sales. Then i consider how much money i actually have in the car. Thats how i arrive at a value i feel comfortable with. The RA II cars don't change hands often so data is scarce. I did a search a while back and found the most recent sale results at the 2016 Barret auction. Jim Mattisons original #matching car (did not have correct exhaust manifolds) sold for $132k. Another very nicely restored RA II without original engine but correct codes sold for $110k. Both cars were professionally restored but not convertibles like yours. You can also look at the Hagerty value guide as it does provide values based on condition and body style. You can insure it for as much as you want within reason. As long as you want to pay higher premiums the insurance companies will oblige.
As for carb running out of fuel i had a similar problem when running my 67 GTO in Stock ET with the NMCA. Car would nose over hard at top of second gear (Turbo 400). I left small stock fuel line in place but ran a larger line right beside it up to stock mechanical pump. I also installed a Carter pusher pump back by the gas tank and hid the switch in the ash tray. If i make a full throttle run and forget to turn the pump on the car will nose over. With pump on it never skips a beat. Also helps fill carb for starting when car has set for a while and fuel has evaporated.
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