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I have always paid my own insurance in my own name...even after getting a DD40 and I dont have a particularly well paid job...I just started off with a 1.0 205, then 1.3 Escort, Saxo Vtr and now Williams. IMHO if you start off driving in a SUITABLE car you will have no problems insuring it in...
Start practising your lauches its down to the driver....Ive seen people run 14.6 in an unmodified 172 and a tweaked 172 run 15.7 so its makes all the difference! Traction control off, its rubbish for drag starts...
Remember the last guy who tried to do this on e-bay...a few people off here started sending him questions about his 180 bhp valver then all of a sudden it became a 160 bhp valver! lol
You can set the rear torsion bar at any height there is no legendary clicks on it....and yes the car will handle better with the front about 5-10mm lower than the back.
A lot depends on condition fella...some owners will change/fix all those niggly problems and spend money getting things in good condition, while others will let them get worse and you can get some pretty hefty bills. Clutch and gearbox problems are not cheap at all.......there are some mint ones...
Welcome to Cliosport!
You deffo need to tell the insurance about it being a Cup...it wont cost you anything but Id imagine your insurance would be invalidated unless they know...