I guess that all depends on how you look at it chris?
As I've spent in excess of £30k on my car, if i don't have an agreed valuation figure set with the insurance company, in the event of an accident or loss i would be paid the going rate for the car or book price which i believe is around £7000 less the excess.
in effect that would leave me around £25k out of pocket, where if i have the agreed valuation in place, i only stand to lose a few grand which is far more acceptable in my opinion.
As time passes the car will of course accrue a higher valuation, so although i may lose a certain amount, i wont be losing everything i've spent!
I'm sure you'd agree, after spending this amount on getting the car to the standard it is at, getting back near what you've paid is far better than next to nothing!
Insurance will never pay out every penny you spend on a car, neither will selling it on, but at least this way i'm protected to a level where i can at least be safe to know i could replace the car with something nearer to the condition of my own if the worst ever happened..
i see it as a safeguard thats as close as possible to regaining most of its value.
if it got damaged and the insurance sent me a cheque for £6.5K i would be devastated for sure, although in my own opinion, a car can be replaced but each one has an individual soul and no 2 the same.
there's no insurance for that though ?