Feedback

Tag cloud

what's your question? be descriptive.

By: Asked

Always Get Insurance?

The Golden Rules post mentions that one should "ALWAYS get FULL insurance on any ship you fly." While I understand the point of insurance and I've definitely taken full advantage of it on occasion, I'm not sure I understand the value of ALWAYS spending the ISK for the Platinum coverage.

Personally, I'm a (recovering) carebear, and I spent most of my first year in EVE running missions in Hi-Sec. While I'm not overly skilled and I've definitely lost a handful of ships, I was rarely able to make the numbers justify spending much on insurance.

First off, there's the automatic 40% payout. You're not paying a premium to get insurance -- you're paying the premium to get MORE insurance. Second, assuming you PvE safely, the chances are good that you're going to pay that premium every 12 weeks, pretty much forever. Third, on a nicely-fit PvE ship, your fittings can be substantially more than the ship itself -- and even the Platinum insurance won't even begin to cover those costs.

What it comes down to is, I follow the number-one rule and I don't fly anything I'm not able to replace (or willing to part with). I don't need the insurance to get back in the saddle if my ship goes pop -- so why should I dump the ISK into insurance? It just generally seems like a bad idea unless you're actively planning to lose ships -- that is, to PvP.

Am I missing something here? Is there really a GOOD reason to insure ALL your ships to the highest tier?

Add comment viewed 501 times Latest activity about 1 year ago

NN comments
or Cancel

5 answers

  • 2

matt_12 [ Editor ]

The Golden rules are intended to help new players.

By the Time a new player is looking to progress into T2 hulls they should have a firm grasp of the game mechanics and be able to decide for themselves if it is wise to insure there ship at full value.

It is true if you are not a PVP'er or are an experienced PVE'er (Not doing 10/10 DED's) then insurance is less important and lower value for money for you.

It's also true if you are a Hi-Sec player who keeps their head down and doesn't fly anything fancy that will get them ganked or those that aren't under war Dec's constantly.

Always better safe than sorry though, as XKaraxis says if you are going to be putting it in harms way best go full insurance.

Even with some T2's that have limited life expectancies like Logistics it is well worth doing insurance may be not platinum but definatley better than nothing.

bottom line really is you are better off with insurance at full when you are new, Frigates - Cruisers insurance isn't a vast amount, and will mean the only true loss of loosing that Rifter in that frigate roam is 30% of the ship plus modules rather than 100% plus modules.

Even now several years in tackle frigates and Battlecruisers/battleships get the full insurance treatment.... especially frigates tend to die really fast.

Cyno frigates are another one, well worth the ISK to get a new Probe for free... :)

NN comments
or Cancel
  • 5

xkaraxis [ Editor ]

If you think it likely that you will lose your ship within 24 weeks then you should insure your ship.

Why?

Insurance is based on a ship's base price which has been determined by a global average of the market price of the materials to build it since the release of Tyrannis. Capital and T2/T3 have their base price adjusted down by a percentage. This devblog explains to some extent how the new base prices are calculated.

If you lose an uninsured ship you get paid a default 40% of the base price. If that ship was platinum insured you receive 100% of the base price but you paid 30% for the insurance so you have a net gain of 70%. If you don't lose the ship in the first 12 week period, you may insure it again in which case your net gain is 40%, the same as an uninsured ship (100% minus two 30% premiums). If you lose a ship after 12 weeks that is no longer insured your insurance gain is only 10%. Your net payout for a third insurance period is also only 10% so if you aren't going to lose the ship in 24 weeks you are better off uninsured.

Thus, there are no "uninsurable" ships (except for supercapitals which cannont dock). Even if you lose a T2 ship whose base price is only a fraction of its market price, you still have more isk in your wallet after a loss than if you hadn't insured it.

NN comments
steve 66
-

TY for the devblog link…

canhasgank
-

This is definitely true. The fact is that most of my ships last way longer than 24 weeks, so in the long run insurance does not pay off for me personally (The exception is high risk “suicide” type gangs). Players will have to make up their own minds on this…

or Cancel
  • 2

steve 66

"HI"

From a personal point of view... ...I am not so sure that this should be a Golden Rule for Tech II Ships.

My own particular case in point is for a Hulk... ...which I happened to look at insuring recently.

Platinum Cover costs a little over 10 Mill ISK and you get a payback of just 30 Mill ISK.

So that's about a 1/3rd Payment to Return Ratio and you are going to get 40 % anyway.

If you live/mine in High Sec your boat could easily last you years (If you avoid the GanK Festivals)

3 Payments (9 months) is equivalent to the payout you are going to get.

Another fact with this particular case is the ridiculous insurance to Cost Ratio of Hulks... If you can get an unfitted Hulk for anywhere clsoe to 100 Mill Isk.. please let me know as soon as possible... ...lol

Friends have told me that there are other Tech II ships that have a similar problem, although I have not looked into it myself.

Hope this is useful... :-)

NN comments
darinas
-

For T2 ships you get 40% of the related T1 hull if not insured!! So losing an uninsured Hulk will only get you about 3 or 4 mil.

steve 66
-

T.Y. for this.. Didn’t know the that the 40% only related to a T1 variant… Still had a High sec Hulk for 15months now and not intending to lose it anytime soon… so living on the edge with no cover lol…

or Cancel
  • 1

dlamblin

There are times when you know you will be losing your ship. Those are about the only sensible times to do it. That said, in the very beginning you just don't know enough to know whether you might lose your ship. It's safe then to assume you will.

NN comments
or Cancel
  • 0

aragaer [ Editor ]

I had some of my ships insured. All those insurances had expired long ago. Sometimes I think "well, I should have that Sleipnir insured before taking it to sansha attack scene and losing it there" but since such losses are really unexpected to me (I don't pvp and almost don't pve) I don't think I will insure anything.

NN comments
or Cancel

Question's Contributors

Related Questions