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You might as well tell them the whole job - for the extra £20 it might cost, its cheaper than paying out for a whole new car when they void your insurance after youve crashed and theyve inspected it! lol
Id just tell them you have "aftermarket uprated suspension" then let them deal with it, Id be very suprised if it made a difference to your insurance premium as to whether youve dropped it 15mm,30mm or 40mm? I could be wrong though?