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You can also choose insurance amount.
On the interparcel site for UPS both express and standard go up by around £75 when i add cover
I'd be surprised if you dealing directly with UPS will be anywhere near the price of Interparcel or Parcel2go - These agents are generally so much cheaper - not sure how insurance prices compare via these agents as I have a dedicated policy to cover me for worldwide transit insurance
For example anything out of London to the states flies out at night on a Fed-Ex plane every day.
There are exceptions but that's the broad brush.
Shipping a guitar in hard case with insurance for £800 will come in around £50.