I'd pass on it. NYS doesn't seem to like the salvage process, unless you know "someone" on the hill that can help nudge your paperwork through.
(Nudge = Violent Shove)
At best, depending on your offer (which I assume is fair to good, given the described condition) and the cost to acquire, you're not going to come out very far ahead for your time if you flip it, unless you find someone willing to pay top dollar without any information about it's history.
Those people are out there, but they're few and far between, I find.
In any event, looking forward to the results.
PS - Why do you need to insure it? NY is slightly different, but here in PA, I don't even transfer a vehicle's title until I'm sure what I'm doing with it. With NY titles, I just have the owner sign it, no need for further contact. With a PA title, I have them sign it in the presence of a notary, costs $5, and frees them of any obligation of ownership of the vehicle. I still don't actually apply for a new title in my name until I decide what to do with the vehicle.
That saves me from paying to xfer the title, then paying for insurance/registration that I may not use, etc. I just have them trailered (thanks again, Will/Wonderboy) to my home and decide from there.
In the case that I bought it right up the road or something, I don't even bother trailering it. I'll just drive it. Like my parts truck. 4 miles away, and I just drove it home one night.
Anyway, if you need help with information, I'll help what I can. Looking forward to the result.