Should I replace pipe insulation (asbestos?)

[TomBowyer]

Hi,
Ive taken up the floor and found pipework below insulated with what looks like old rags (see picture).

Picture:
http://www.jez.im/public/Pipework2.JPG

Should I:
1. Leave it as is because its fine

2. Take all the old insulation off and replace with newer/better insulation (maybe the grey foam circular stuff that has a slit in it?)

3. Leave the current insulation on and get oversized grey foam insulation to put over the whole thing (so it would be pipe wrapped in old insulation then wrapped in new insulation).

Lastly - Will the old insulation contain asbestos and therefore be dangerous to hande?

Thanks!
Tom.

[htg engineer]

Asbestos is only a problem if damaged or disturbed, if you're unsure what the insulation is I'd advise to have it checked by a registered asbestos removal company or leave it alone.

There's nothing stopping you over-insulating, but you'll have problems finding the right size as even though it's 15mm pipe work the current insulation may mean you need to buy insulation for 22mm or 28mm pipes.