Has anyone ever bought and insured a vehicle for their frat?

Today I was thinking passively about transporting pledges to required events, and I had the idea that it would be really dope to rescue some old 80s-ish lincoln stretch limo complete with those cushy fabric seats and the built-in coke table, and then pimp it out as garishly as possible with our colors and traditions. For anyone about to start lecturing me: i know it would probably take some effort and/or money to maintain, it would just be the expectation going into it that anyone choosing to help fund it is basically paying to pimp it out and make it roadworthy for the foreseeable future and not much more. if it craps out, it just craps out and the active brotherhood can decide what to do with it.

the only thing that sticks on my mind is ownership and insurance. especially if there’s some kind of special policy, i can’t imagine that the monthly insurance split 20-30 ways would be an unreasonable addition to yearly dues, but i’ve never insured a car so i might just be naive. does anyone have experience with procuring a chapter-owned vehicle of any sort? were there any challenges or unexpected developments? how did insurance work, and how much was it?