These forums have been archived and are now read-only.

The new forums are live and can be found at https://forums.eveonline.com/

EVE New Citizens Q&A

 
  • Topic is locked indefinitely.
12Next page
 

Does anyone bother with insurance if the ship 'might not' be destroyed?
Author
Previous Topic Next Topic
Throxton
Republic Military School
Minmatar Republic
#1 - 2013-09-30 14:24:08 UTC
1) is it true that CCP pays 40% even if it is not insured? (mentioned many times, but not sure if this is obsolete)

2) the 'cost' compared to 'payout' compared to 'replacement cost' is so out of whack that it seems pointless to do anything other than self-insure & just take the loss.

3) if people are buying insurance do they typically take basic (that may pay out 10 to 1) or premium (that may pay out 3 to 1)?
Lilliana Stelles
#2 - 2013-09-30 14:35:55 UTC
1. There is a a baseline insurance. It's pretty worthless.
2. This is particularly true with Tech 2 ships, where the cost of the materials is not appropriately calculated.
3. Most people insure to the maximum level if they're sure they're going to lose the ship.

Not a forum alt. 
Marc Callan
Center for Advanced Studies
Gallente Federation
#3 - 2013-09-30 14:40:37 UTC
I don't know the percentage, but you do get a default insurance payout even if you're not insured.

I think the general rule of thumb is that is you insure at all, you take out platinum, even if it doesn't fully pay off the hull. But yeah, insurance costs are completely out of kilter for everything except T1 hulls (and even then, it's not great; I routinely fly in frigate combat in Black Rise, and ninety percent of my ships' value is in the modules and rigs, which are uninsurable).

"We are what we pretend to be, so we must be careful about what we pretend to be." - Kurt Vonnegurt
Thomas Builder
Center for Advanced Studies
Gallente Federation
#4 - 2013-09-30 14:41:10 UTC
1) Yes

2) You shouldn't look at insurance as a way to replace the ship (for that, you are right that the replacement cost is often much higher than the payout). Instead, look at it as a bet that your ship will be destroyed. You know what kind of risks you like to take, so you can have a good idea if Insurance is worth it. If you only lose one ship per year it isn't, but even if you lose one per three months, you'll still get more money from insurance than you put into.

3) Usually premium. People insure ships they expect to lose, so they maximize the payout.
Kahega Amielden
Rifterlings
#5 - 2013-09-30 14:42:18 UTC
1) This is true.

2) Insurance lasts for 12 weeks. Unless you're grinding hisec missions, most ships will not last that long.

3) ...Why is the ratio of cost to payout relevant at all? If you're going to lose the ship within 12 weeks then you want maximum payout.,
Vol Arm'OOO
Central Co-Prosperity Union
#6 - 2013-09-30 14:46:53 UTC
The only basic rule of insurance that matters - if you insure the ship expecting to lose it, you will not lose it. A corollary to this fundamental rule is - if you don't insure the ship you will lose it in a dramatic fashion.

I don't play, I just fourm warrior.
Dan Rae
The Scope
Gallente Federation
#7 - 2013-09-30 16:28:59 UTC  |  Edited by: Dan Rae
1) The automatic payout is more like 10%, not 40% and is therefore tiny in comparison with what you would get from platinum insurance.

2) You have a good point.

3) I always take platinum IF I am going to insure a ship.

Insurance for ships should reflect how car/home insurance works IRL. i.e. the payout should reflect the value of the item insured at the time you get blown up (including modules). Not to such a level that your costs are completely covered all of the time, obviously. Then you could have a proper insurance service whereby how many "accidents" you have influence the premium you pay etc etc.

It could become a meta game if implemented properly.
Cerebral Genocide
Caldari Provisions
Caldari State
#8 - 2013-09-30 19:41:46 UTC
I don't know how insurance companies stay afloat in eve.
Velicitia
XS Tech
#9 - 2013-09-30 19:49:25 UTC
Cerebral Genocide wrote:
I don't know how insurance companies stay afloat in eve.


impounding the assets of RMTers and botters

One of the bitter points of a good bittervet is the realisation that all those SP don't really do much, and that the newbie is having much more fun with what little he has. - Tippia
Malcolm Shinhwa
The Scope
Gallente Federation
#10 - 2013-10-01 00:43:58 UTC
If you are going to insure, platinum is the only way to go.

When I was new I insured every ship. What a waste. Now I don't insure any PvE ship for hisec missions. I insure some ships i take to wormholes and I insure every ship I expect to PvP in.

[i]"The purpose of fighting is to win. There is no possible victory in defense. The sword is more important than the shield and skill is more important than either. The final weapon is the brain. All else is supplemental[/i]."
Sin Pew
Ministry of War
Amarr Empire
#11 - 2013-10-01 05:45:53 UTC
I have several T1 hulls insured, but not all. I have a few T2 insured, but really few and very likely expired by now.
I keep a close eye on the orca's insurance, the payout for it is still worth a good chunk of the ship cost.
But I have a good deal of ships in a wormhole and I don't really see myself taking them out for insurance, it's just not practical. Otherwise I would insure them.

[i]"haiku are easy, But sometimes they don't make sense, Refrigerator."[/i]
Abdiel Kavash
Deep Core Mining Inc.
Caldari State
#12 - 2013-10-01 07:17:47 UTC
No matter how you look at it, insurance is free money when your ship explodes. The better insurance, the more free money. And you'd have to default (not explode) three times in a row to actually lose money on it - and if your ship stays unexploded for 9 months, you're probably not using it at all.
Velicitia
XS Tech
#13 - 2013-10-01 14:45:09 UTC
Abdiel Kavash wrote:
No matter how you look at it, insurance is free money when your ship explodes. The better insurance, the more free money. And you'd have to default (not explode) three times in a row to actually lose money on it - and if your ship stays unexploded for 9 months, you're probably not using it at all.


This, pretty much.

Way I figure it is I have 3 months to get exploded (don't bother renewing after that).

If there are a few days left on my insurance (say a week or so), then I just go to lowsec and lose the ship on purpose (i.e. get in a fight).

One of the bitter points of a good bittervet is the realisation that all those SP don't really do much, and that the newbie is having much more fun with what little he has. - Tippia
manutari
Doomheim
#14 - 2013-10-01 15:18:03 UTC
I'm a PVPer and getting blown up is "normal". that said, i never by insurance, payout isn't worth it in my experience.

it's like real life :D
Sin Pew
Ministry of War
Amarr Empire
#15 - 2013-10-01 15:20:05 UTC
manutari wrote:
I'm a PVPer and getting blown up is "normal". that said, i never by insurance, payout isn't worth it in my experience.

it's like real life :D

Free ISK isn't worth? Even in a corp with a SRP it's worth it...

[i]"haiku are easy, But sometimes they don't make sense, Refrigerator."[/i]
Bobinu
Unsober
Last Picks
#16 - 2013-10-01 15:23:11 UTC
I will always insure T1 PVP ships, makes getting blown up feel justified!
Cody Bradford
Doomheim
#17 - 2013-10-01 15:38:55 UTC
manutari wrote:
I'm a PVPer and getting blown up is "normal". that said, i never by insurance, payout isn't worth it in my experience.

it's like real life :D



This is horrible advice, don't listen to it. He's losing out on isk. Always take insurance if you know you're going to lose your ship within 3 months.
Sin Pew
Ministry of War
Amarr Empire
#18 - 2013-10-01 15:46:04 UTC
I even insure my T2 ships because it still pays off the med clone upgrade if I get podded.

[i]"haiku are easy, But sometimes they don't make sense, Refrigerator."[/i]
Velicitia
XS Tech
#19 - 2013-10-01 15:56:48 UTC
Sin Pew wrote:
I even insure my T2 ships because it still pays off the med clone upgrade if I get podded.


Shocked never thought of T2 insurance that way ...

One of the bitter points of a good bittervet is the realisation that all those SP don't really do much, and that the newbie is having much more fun with what little he has. - Tippia
manutari
Doomheim
#20 - 2013-10-01 19:19:47 UTC  |  Edited by: manutari
Sin Pew wrote:
manutari wrote:
I'm a PVPer and getting blown up is "normal". that said, i never by insurance, payout isn't worth it in my experience.

it's like real life :D

Free ISK isn't worth? Even in a corp with a SRP it's worth it...



Its not free isk. I get X amount anyways even if i don't buy insurance. But lets say i did buy insurance, even if I did, i never get What i spent on the ship, so why? not only am i out for cost of ship, rigs, and comonents, but i am also out the cost of insurance. So, i would rather buy the ship and all of its gear and save the insurance premium and take the default sum than waste insurance money.


lets say i pay 1mil for ship, 3mil for gear, and another 1mil on insurance. which totals 5mil that i just spent insuring everything. If i get 5mil back, I'm in and i stand corrected, but.in my experience, i never get back what i put in, which is why i stopped buying it.
12Next page