If you are an MU member, you can get [i]completely free[/i] a grand's worth of kit cover, plus 10 million quids' worth of public liability cover. Of course there are certain limitations to the free kit cover, but even so, it's better than a smack in the head.
On top of the free £1000, you can also get additional cover at preferential rates through an affiliated insurance company, [url="http://www.hencilla.co.uk/"]Hencilla Canworth[/url]. I filled in their online quote form, & have been quoted roughly £120 a year for £6000-worth of gear cover. This includes cover whilst in an unattended vehicle, provision of hire instruments during repair, depreciation compensation following repairs, and other stuff. I am just waiting for a formal written quote to arrive.
Ten quid a month? It's a no-brainer really.