I have my Sprint insured for £6,500 with a fixed payout, all being assessed and agreed by the insurance company, and mine is very far from being close to mint. With that in mind, I'd consider thinking carefully about insurance values for that pride and joy that you think is a bit ropey that you bought for a ton a decade ago from a mate down the pub!
Current fleet: Triumph Dolomite Sprint '75, Daihatsu Fourtrak, Honda CG125, Yamaha Fazer 600, Shetland 570
Disposal fleet: Golf GTi 16v MK3 Anniversary, Tiger Avon (unbuilt)
Past fleet: Triumph 2000, Lancia Beta Coupe, BL Mini Clubman, Austin Metro, Vauxhall Cavalier MK1 & MK2, Renault 18 D, Rover 216 GSI, Honda Accord (most expensive car purchase, hated it on pickup from dealer, was made out of magnetic metal as only car I've ever been crashed into, 4 times), Golf GTi MK3 16v x 3