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The car needs to be 25 years old (or older) then has to be registered as an historical vehicle (QQ plates) to avoid the inspection entirely. Historical vehicles are supposed to be used only for exhibition purposes (I try to put on an exhibition every time I drive the '67 ) but have no mileage restrictions.
Another option to avoid the inspection is to designate it as a collector vehicle but there's a 3,000 mile per year restriction and I think you have to take it to inspection station every year to get the mileage signed off on.
I have my 02 Z registered in NJ as a collector vehicle. It must have collector insurance and it can be driven 6000 over 2 years. You only bring the car in every 2 years. NO emissions inspection, you purchase a voucher for a collector sticker at DMV, then go to the back of the inspection station and they verify milage and give you the sticker. It's cool. I have a G5X3 cam and TEA heads and dont have to worry about emissions. NICE!
Who do you go through for the insurance? My father wants to get that for his GT500.
I use American Hobbyist. They have been good so far. $500 for full coverage. Give them a try. Here's a link to thier website. http://www.americanhobbyist.com/