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"Understeer is when you hit the wall with the front of the car, and oversteer, the rear. Hp is how fast you hit the wall, and Torque is how far you take the wall with you."
for the insurance.... you need to visit an insurance company and have them value the car on the spot. Bring all you receipts for the work with, also get 3 quotes for the value of the car from guys who work on bugs. Then agree on a value for the car and isure it as that. Dont throw any receipts away because at the end of the day, you might end up with some insurance broker who doesnt believe you, then you can pull out all the invoices and prove him wrong...
Dont ever do this over the phone, you will come out worst. I got full comprehensive insurance on my car for about half of what outsurance quoted me for 3rd party only.