Basement paneling

I would like to replace my current basment paneling which has been painted by the previous owner with another (more attractive) wood paneling. My question is: is it worth it to remove the old paneling first or simply to put the new paneling on top of the old one? I'm not sure what kind (if any) of insulation is in the walls. If no insulation is present would 2 layers of wood paneling be as effective as one panel with fiberglass insulation?
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Depends on what quality job you want. Is the existing paneling smooth and level? Is insulation in the wall important? No 2 sheets of panels will not replace 1 sheet of paneling and insulation.

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Not even close. Remove a receptacle cover and you may see some insulation of the side of the box. If it is present go over the paneling, if not remove and insulate.
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