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EVE New Citizens Q&A

 
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How important is insurance for new players.
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Celeste Taylor
Ruby Dynasty
#1 - 2012-07-25 23:47:09 UTC
I am now approaching the two month mark and am now thinking insurance is a useful commodity, even in high sec PVE.

I do think most of the money I dumped into insurance, especially during the tutorial stage was a bit of a waste. During the tutorials you get so many ships, and I used most of the frigates for a few missions and ended up selling them. Money was tight in that first week, and I easily could have skipped the insurance not counting the suicide mission. I was unaware of the extra protection rookies also got in starter systems at the time.

The next few weeks I did PVE missions flying inexpensive ships with tech 1 modules and still insured them. While I hear of stories of people being ganked for fun in high sec, I was fortunate enough to avoid this. Insurance was affordable, so I opted to buy it, but never used it.

Now I make enough money where insurance is easy to buy. My ships are starting to get expensive, and some of the gear is worth pirates to suicide gank. I will probably fly the ships I have now for the next three months.

I think back to those days of a couple of months ago and wonder if players should wait to buy insurance for their ships until they are done with tutorials, find ships that they will pilot for at least a month, and either go PVE, enter low sec, or start getting expensive cargo and modules.

Good advise? Bad advise?
Zoe Athame
Don't Lose Your Way
#2 - 2012-07-25 23:57:41 UTC
I think insurance is an outdated mechanic and should be removed or reworked.

If you are doing a lot of fighting, there is no way your ship will survive 12 weeks, so there is no reason not to get platinum insurance(I doubt there is any use for the non-platinum levels of insurance.) If you are super carebear and can survive for 12 weeks, you won't care that you lost your 2mil investment.

For new players, I don't think the cost of insuring a frigate will break the bank.
Dracoth
Republic Military School
Minmatar Republic
#3 - 2012-07-26 00:04:28 UTC
Have not insured my ships for some time now. How ever if your ships are likly to survive the 12 weeks i would recomend not bothering. If you do insure your ships always make sure to get them blown up before the end of the contract . (pref with no modules or rigs equiped) That way you get more isk.

Hope that helps abit.

Dracoth.
Gianath
Gallentian Legitimate Businessmen
#4 - 2012-07-26 01:55:54 UTC
Dracoth wrote:
If you do insure your ships always make sure to get them blown up before the end of the contract . ....That way you get more isk.
Dracoth.


One of the many things we are encouraged to do in EVE which would get us put into prison in real life :)

But rampant insurance fraud seems to be expected and even encouraged here.
TEABO BAGGINS
Republic University
Minmatar Republic
#5 - 2012-07-26 03:25:59 UTC
not that important
Abdiel Kavash
Deep Core Mining Inc.
Caldari State
#6 - 2012-07-26 03:52:22 UTC
Unless you plan to sell or repackage your ship, always buy the best insurance. In the end you will always gain money. It would take four consecutive insurance periods (1 year) of your ship surviving for you to have paid more in insurance than the payout is. Keeping a ship you use every now and then alive for a year simply doesn't happen.
Major Trant
Brutor Tribe
Minmatar Republic
#7 - 2012-07-26 10:01:12 UTC  |  Edited by: Major Trant
Insurance is a lot poorer than many people realise. If you don't insure your ship you will still get a basic insurance payout equating to about one third of the amount that you would get if you paid for Platinum insurance. If you do insure your ship, you get the uninsured payout, plus an amount equal to about double the insurance premium.

Example: Cruiser valued at 6M
1. No Insurance - payout = 2M
2. Basic Insurance, 1M premium - payout = 4M (Additional benefit = 1M)
3. Platinum Insurance, 2M premium - payout = 6M (Additional benefit = 2M)

The net result is that if there is any significant likelihood that your ship will survive the first three months, there is absolutly no benefit in getting insurance. If you ever have to reinsure your ship you will only get back the money you put in and if you ever reinsure the same ship twice you will end up with a net loss.

In short don't bother insuring PvE ships, you shouldn't be losing them often enough to benefit.
Malcanis
Vanishing Point.
The Initiative.
#8 - 2012-07-26 11:01:06 UTC
My advice would be to get insurance when you step up a ship class, but then not afterwards. It's pretty easy - almost a stereotype - for a new player to lose his first Raven or whatever. So insure that first one - once. Once you've been using a ship to PvE in for more than 90 days you should basically never lose it.

Ofc for belt ratting in 0.0 that's a different kettle of fish. Hell yes insure it.

"Just remember later that I warned against any change to jump ranges or fatigue. You earned whats coming."

Grath Telkin, 11.10.2016
yogizh
GSF Logistics and Posting Reserves
Goonswarm Federation
#9 - 2012-07-26 12:17:12 UTC
Insure battlecruisers and above. Faction stuff and Tech 3 is not worth it.

Combined with ship replacement programs it is the part of not paying for fleet losses. Cool
Lilliana Stelles
#10 - 2012-07-26 12:49:49 UTC
I only insure ships if there's a high chance of losing them: hictors, recon, logi, fleet BSs, Drakes, etc.

Anything bigger or smaller often isn't worth it.
I wouldn't insure a freighter unless you're taking it into lowsec. After a year of insurance you may as well have bought another.

Not a forum alt. 
Gaellia Bonaventure
Imperial Shipment
Amarr Empire
#11 - 2012-07-26 14:41:03 UTC  |  Edited by: Gaellia Bonaventure
These arguments make a lot of sense. I guess I am over cautious. I insure everything. But that's probably more a result from RP than actual necessity. P

Bring your possibles.
Lost Greybeard
Drunken Yordles
#12 - 2012-07-26 17:00:06 UTC
Major Trant wrote:
The net result is that if there is any significant likelihood that your ship will survive the first three months, there is absolutly no benefit in getting insurance.


/me double-checks which forum we're in.

Yup, your ship ain't going to survive three months if you're actually using it in combat. Get the platinum insurance.

The only exception being T2 ships, they're insured at retardedly low levels that cover basically none of the costs, so don't bother.
Ryelek d'Entari
Horizon Glare
#13 - 2012-07-26 17:43:31 UTC
Lost Greybeard wrote:

The only exception being T2 ships, they're insured at retardedly low levels that cover basically none of the costs, so don't bother.


This logical fallacy needs to be stamped out.

You always get an insurance payout net gain of exactly double what you paid for the premium (assuming platinum insurance). Regardless of T1, T2, T3, whatever. Sure, the actual cost of the hull may have been much more than the insurance premium & payout, but that's irrelevant. The only relevant thing is how much you pay for insurance, what the payout is, and the likelihood of loss.

Real*-world example: I just bought a tech-II frigate on the market for 30M. The basic (40%) payout, at no cost to me, was 4M. The platinum (100%) payout was 10M, at a premium cost of 3M. So, by buying platinum insurance for 3M, I'll get an additional 6M when it pops over the basic that I'd get with no premium. It doesn't matter what I paid for the hull. I have the option to get 6M if it pops by paying 3M up front. 3M ISK profit is 3M ISK profit, regardless.

You should always choose whether or not to insure based on exactly one factor: the likelihood that you're going to lose the ship in the next 12 weeks. If this likelihood is < 50%, then don't insure. If > 50%, then insure. The type of hull is completely irrelevant, as is the relationship between buy price and insurance premium/payout.

Of course, estimating likelihood of loss is an art all by itself, so YMMV.


*real in the eve-sense
B1ade
Restless Knights
#14 - 2012-07-27 08:15:33 UTC
Dont fly what you cant afford to get popped.

Simplez

Step away from the keyboard before you type something else stupid.