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EVE New Citizens Q&A

 
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Stupid Insurance Questions
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Kealil Udan
Nefarious.
#1 - 2012-05-29 04:13:42 UTC
Hey all,

I have a stupid question about insurance. I have noticed a wierd trend where insurance amounts seem to have no connection to the market what so ever. Keep in mind that I have only piloted three or so ships on this character but I have noticed the same thing there as well.

I buy the platnium insurance on just about everything because on most things it makes sense but with certain ships (the condor especially) the amount of insurance optioned is far below market values that I have seen on any of my characters.

So, to the point, how are the amounts for insurance decided? are they dynamically created or hard coded into the game? I'm really just curious because when insurance on my condor pays 24000 but a new condor anywhere costs 130k plus, I seem to get a twitch

thanks for bearing with me here, I've been playing this game for a while but I still feel like I learning the basic ropes.
Forest Archer
State War Academy
Caldari State
#2 - 2012-05-29 04:46:02 UTC
Insurance has/is supposed to be based on a % of the mineral cost of the ship but I do not believe that the numbers have been updated in months.

Always willing to help all you have to do is ask, though if you're in the other fleet I may not help the way you want. Just a heads up. Pub Channel: Lost Souls Trading Post
Ryelek d'Entari
Horizon Glare
#3 - 2012-05-29 17:19:44 UTC
See above: insurance payout values are fixed, CCP updates them from time to time but they're currently very out of date. The economy has been very volatile for the last few months, so I'm guessing CCP is in no hurry to update them.

Regardless of the actual payout amount, buying additional insurance always pays out twice what you put in, if your ship is destroyed. Remember that you always get 40% insurance for free.

Additionally, tech II ships have incredibly low insurance costs and payouts relative to their price tag. The insurance value is calculated based on the mineral content of the ship, not the actual cost of production or market price.
Khanh'rhh
Sparkle Motion.
#4 - 2012-05-29 17:53:23 UTC  |  Edited by: Khanh'rhh
The insurance price is based on a high percentage (I think 80) of the calculated mineral cost to build the hull. As for this being out of date, I'm not so sure. Part of the mechanism by which this is intended is put in place to stop people gaming mineral and hull prices to have a scenario where it was profitable to self destruct ships and collect the insurance.

What you're likely seeing is the local price (that region) of the Condor not actually matching it's true market value, which will in itself be a little above the mineral value.

The price of a Condor should be around 40-50k ISK - what price are you seeing?

It's often the case that these ships have their prices jacked up in the regions where their demand is high, which is in and around the new player systems. I used to sell Condors in Jouv for 110-150k that I bought a few jumps away in Jita for 40k at the time. It was good profit as a new player.

Related: you can place buy orders way WAY below market value for all those free skillbooks and modules / ships you get in your tutorial missions and sell the resulting acquisitions for a good profit.

Trade volume is too low for this to be something older players do, but you can be a new-player mogul in one station quite easily :)

"Do not touch anything unnecessarily. Beware of pretty girls in dance halls and parks who may be spies, as well as bicycles, revolvers, uniforms, arms, dead horses, and men lying on roads -- they are not there accidentally." -Soviet infantry manual,