Insurance - Agreed Value vs Modifications like for like

[AdrianD]

I've just renewed my insurance on my B7 RS4 with Adrian Flux who cover all modifications on a like for like basis. The documents were sent through and enclosed with it was a form for a guaranteed value (lets say for arguments sake it's £35,000)... So as we all know you never the the value of modifications back when you sell you car on so I'm in a quandary as to which is best and if i understand it correctly...

As it stands, and as i understand it, should the worst happen i will get the market value of the vehicle plus the costs to replace the modifications... this is scarily high when you start adding it up, probably not far off £50,000 in total. Now I'm going to confirm with Adrian Flux but would i be better off keeping the insurance as is or paying a small amount extra for the guaranteed value? It's looking like i would be better as is however i want to make sure I'm correct in my assumptions and that i haven't understood it totally wrong... Any independent experts out here that can advise?

[RossDagley]

I've had Adrian Flux for 15+ years until this year (on my 106 mostly).

I had an agreed value of £13,000 for the 106 gti, with like for like cover on the modifications. I interpret it to be should I have a little shunt, they'll cover it, replacing the non-standard parts as needed up to the value of the total loss (60% or whatever it is). Should it be a total loss, then they'll pay out the agreed value (£13k in my case). Naturally, I'd buy the car back at this point if possible and try to recover more back as the car obviously stood me at a LOT more than £13k.

[AdrianD]

Thanks Ross... yeah that kinda makes sense... cheers