I would let an insurance agent sort that out if I were you. I worked on my truck for 5 years with very little insurance value on it. When it was almost done, I had it appraised and insured for a more realistic value.
Be sure to get an appraisal done before you spend too much more money on it. When it's time to register it in Ontario and is worth $40,000, they will require you to pay 13% tax ($5200) plus the licensing fee.
