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Up to £600 for a small suitcaseCrazy
Believe me, you only have to lose a checked bag ONCE to wish that you had everything as carry-on. It took 8 days over New Year to have Iberia trace and deliver my bag that was 'lost' between Heathrow-Malaga, which required me to be 'on location for delivery' at any time (so goodbye car rental and touring in the interim). PLUS, in order to make a claim ("bag is 'missing' until 30 days, then is described as 'lost' "), you have to have not only a fully itemised list of the contents but also receipts for everything in there, otherwise no payment above bare minimum. I'm guessing that 0.001% of travellers make an itemised list of their luggage contents. This is the policy of both airlines and travel insurance companies.
In that respect, just any money spent on a quality, warrantied, repairable and effective/compressible carry-on suitcase is worth it!
Happy Traveks!

