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EVE New Citizens Q&A

 
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insurance Payouts Wrong
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Riki LeCotey
#1 - 2014-01-25 02:28:57 UTC
I'll start by saying I just started playing EVE 7 Days ago. For some reason I'm not getting the right payouts from my insurance...
I bought an "Algos" I bought the Platinum insurance package for it. It cost around 270k ISK. My ship base price is 1.192mil ISK acording to the mouse over my ship and http://games.chruker.dk/eve_online/market.php?group_id=467


My ship gets destroyed and the insurance pays me 487k ISK? What is going on that is not 100% that is not even 70%. What am I missing here because that was a wast of money to insure for a pay back of 200k ISK (after you take off the 270k I payed for it in the first place) and this has happened with all Ships I have lost... :(
Miriya Zakalwe
World Wide Welp
#2 - 2014-01-25 02:34:02 UTC  |  Edited by: Miriya Zakalwe
Riki LeCotey wrote:
I'll start by saying I just started playing EVE 7 Days ago. For some reason I'm not getting the right payouts from my insurance...
I bought an "Algos" I bought the Platinum insurance package for it. It cost around 270k ISK. My ship base price is 1.192mil ISK acording to the mouse over my ship and http://games.chruker.dk/eve_online/market.php?group_id=467


My ship gets destroyed and the insurance pays me 487k ISK? What is going on that is not 100% that is not even 70%. What am I missing here because that was a wast of money to insure for a pay back of 200k ISK (after you take off the 270k I payed for it in the first place) and this has happened with all Ships I have lost... :(


This is how insurance works. It is based on the materials needed to construct the ship. If you think about it, it makes sense; if insurance worked for more than that, people could sit around building and destroying ships all day and print cash. Modules are not covered at all, just the hull.

Look at insurance as a way to offset losses, not totally replace the items.

And your example is far from the worst; my current Slasher build is about 4M in modules and the payout is ~37k. Faction ships are worse.
Thomas Builder
Center for Advanced Studies
Gallente Federation
#3 - 2014-01-25 02:52:27 UTC
What Miriya said. On top of that, things got even messier when they rebalanced the ships and introduced "extra" materials, as those are not considered for insurance payback.

That being said, something is wrong with the numbers that you gave. A platinum insurance always pays up 3.333 times what you paid for it, so either 1) the platinum insurance was less than 270k or 2) you accidentally bought the basic insurance or 3) the insurance expired since.
Riki LeCotey wrote:
because that was a wast of money to insure for a pay back of 200k ISK
Well, did you gain 200k ISK or not? If your ship gets destroyed, it's always better to have it insured. It might not cover much of its value, but it's still better than not having it insured. The only way to "waste money" is if the insurance expires.
Heddy Lamarr
New Eden Fedo Lovers Society
#4 - 2014-01-25 03:54:57 UTC  |  Edited by: Heddy Lamarr
Insurance is not fair and a rip off, just like in real life! The realism in EvE is just amazing!! Big smile

Although its pretty unlikely that you'll actually keep your ship in-tact for the entire coverage period and then have to renew. So it ends up being a way of getting at least a part of the ship's cost back. However small that part might be....

Trust me the payout ratios get a lot worse when you progress from T1 ships to faction and T2, so that's something to look forward to.....
Heddy Lamarr
New Eden Fedo Lovers Society
#5 - 2014-01-25 04:01:46 UTC  |  Edited by: Heddy Lamarr
double post oops Oops
Ralph King-Griffin
New Eden Tech Support
#6 - 2014-01-25 10:15:25 UTC
Heddy Lamarr wrote:
Insurance is not fair and a rip off, just like in real life! .

try living without it irl then....let us know how it goes for you.

Murderers of Negotiable Motivations

=]|[=
Tau Cabalander
Retirement Retreat
Working Stiffs
#7 - 2014-01-26 18:41:55 UTC
Miriya Zakalwe wrote:
This is how insurance works. It is based on the materials needed to construct the ship. If you think about it, it makes sense; if insurance worked for more than that, people could sit around building and destroying ships all day and print cash. Modules are not covered at all, just the hull.

This is not completely accurate.

Insurance is based on the material cost, but not the current cost, and not the cost in any specific market. CCP generated the values a while back, and they are fixed. There is no telling when CCP will decide to update the values again.
ShahFluffers
Ice Fire Warriors
#8 - 2014-01-26 19:04:42 UTC
Tau Cabalander wrote:
Miriya Zakalwe wrote:
This is how insurance works. It is based on the materials needed to construct the ship. If you think about it, it makes sense; if insurance worked for more than that, people could sit around building and destroying ships all day and print cash. Modules are not covered at all, just the hull.

This is not completely accurate.

Insurance is based on the material cost, but not the current cost, and not the cost in any specific market. CCP generated the values a while back, and they are fixed. There is no telling when CCP will decide to update the values again.

If I recall correctly, they changed the system to self-update every month or two... and only by small percentages.

How did you Veterans start?
J'Poll
School of Applied Knowledge
Caldari State
#9 - 2014-01-26 19:08:54 UTC
Riki LeCotey wrote:
I'll start by saying I just started playing EVE 7 Days ago. For some reason I'm not getting the right payouts from my insurance...
I bought an "Algos" I bought the Platinum insurance package for it. It cost around 270k ISK. My ship base price is 1.192mil ISK acording to the mouse over my ship and http://games.chruker.dk/eve_online/market.php?group_id=467


My ship gets destroyed and the insurance pays me 487k ISK? What is going on that is not 100% that is not even 70%. What am I missing here because that was a wast of money to insure for a pay back of 200k ISK (after you take off the 270k I payed for it in the first place) and this has happened with all Ships I have lost... :(


Ship insurance is based on the material costs needed to build a ship.
It doesn't include any other things like modules or rigs.

Also, the prices are static and a little outdated thus if a ship got way more expensive because of market speculations etc it will be a bit skewed not in your favour.

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