Ship insurance

Hello
Apologies if a thread already exists on this.

I’m curious about ship insurance.
I just got a Dragoon and loaded it with all the modules I’m trained for and am wondering if I should insure it or not.
The platinum insurance for it would cost me almost 600k and the payout is 1.6mil. Are the modules included in that payout? Doesn’t look that way. Why not? Why are the modules throw-away while they’re so expensive ? Shouldn’t a portion of their value at least be included in the insurance?

When I look at Dragoon value vs the Market price there’s more than a 1mil difference to 2.4mil. I understand that the Market prices are overinflated and there’s nothing anyone can do about it though.
So when my ship is lost I’d still have to disburse about 1mil over the value of it plus I have to eat all the cost of the modules.
As a new player, it’s a hard pill to swallow. I understand it’s part of the risks of undocking but some of those modules are very expensive. It would take me weeks to replace that Dragoon and it’s modules.
What am I supposed to do during those weeks while I recover the cost of the ship and its modules? Especially knowing that mining is frowned upon, that I may need to pay for a Mining Permit and is really boring, manufacturing demands more skills than I currently have and without blueprints it’s impossible, those OBP are seriously out of reach pricewise and mission running demands a ship I don’t have ( since it would’ve gotten distroyed ).
Should I even insure the ship if it’s only to recover the underestimated value of it?

Thank you for discussing and any advice you may have.
Have a good day.

The insurance is based on hull only, not mods as you noticed.

As you say, I noticed. Do you have anything more to offer than the obvious in New Citizen Q&A section?

As a general rule, I never fly anything without insuring it. Very occasionally I might move a ship, base to base, within a system, or maybe one jump without insurance, but this is pretty rare.

They’re not, and this is in the same way that if you get podded, while you are reincarnated into a clone somewhere, any implants that you have are gone.

As to whether they should be, that’s a more complicated question. Personally I think it’d be nice if they were, but then that’d remove an element of risk from the game, which I’d fully accept isn’t necessarily a good thing for anyone.

EVE is a really tough game, they’re no denying this. And when you’re a new player, it feels even tougher.

The oft used mantra/phrase that you’ll hear other people say is, “don’t fly what you can’t afford to lose” and this good advice to always be mindful of.

At it’s heart and as a game, EVE has PvP and that means that sooner or later you will get blown up, you might get podded and everything that you do has to be done with that knowledge firmly to the forefront of your thought processes.

Having said this, EVE is survivable and there are strategies to enable you to survive and even flourish. You need to talk to people who play the way that you do, link up and work with those who you trust, eschew the people you don’t.

In truth mining is only frowned on by a minority of players, and definitely not all. Some players are fairly dedicated miners and it’s what they prefer to do anyway. It’s true that some people choose not to do it and that’s fine, but the reality is that without miners there would be no EVE since the foundations of the game are driver by mineral exploitation.

As far as permits go, if want to give someone a pile of ISK so that you can play the game that’s entirely up to you, but be aware that permits are a scam in truth: [Guide] How to spot a Scammer. [Work in progress] - #10 by ISD_Sakimura

:mouse:

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Do discovery project. this way you help science and don’t lose anything. You should scrape together a few million in one evening.

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Thank you so much for reading my original post, taking the questions into consideration and replying with pertinent information and personal opinion.
That’s awesome.

You’re right that whether or not the modules should be partially reinbursed or not is another discussion and another topic.
Not sure I should be the one to start that discussion tho. I don’t know enough about the game to take that leap. Maybe later.

Take care and thanks again.

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That is a good idea! I totally forgot about Project Discovery.
Thank you. That should help mitigate part of the cost of replacing modules at least.

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For what it’s worth, normally while I’m mining, I tend to chat (a mix of local and B4R) and do a bunch of Project Discovery stuff at the same time - it gets you extra money, gives some free money to your corp (if you’re in one that’s not an NPC corp) and it’s for a damn good cause too … what’s not to like?

:mouse:

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I hope I’m not getting on the tail-end of that.
And doing it while mining would aleviate the boredom for sure. Plenty of sound queues that let you know what goes on behind the P.D window too so it’s win-win.

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The EVE Uni Wiki has a pretty good explanation of insurance. Key takeaways:

  • The payout amount is based on CCP’s value, not current market values

  • “not insuring” means you’ll still get a 40% payout.

Sometimes insuring ships doesn’t make sense. My Jackdaw cost ~45million, and 100% payout is something like 6 million, but I have to pay 1.5 million for 100% insurance. It is more valuable for me in this case to invest the 1.5 million in industry or market because I can make more than 6 million with it before I lose the ship and get a payout.

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That website has a TON of info. I’d be days sifting through it all and take it all in. It’s very helpful.

That too bad. CCP, throw us a bone here. The game is hard enough as it is.

Wow, not even half. Cheapskates.

I like that.
So insurance depending on the ship. Thanks!

any of their ships, like praxis, gnosis etc. is not worth it to purchase insurance for, since you can use 1 Tritanium to rebuild the ships…

Plat insurance for Praxis is 1.8 ISK while payout is 6 ISK
But to buy the praxis is 150M right now.
if you look at market value for Trit,

6.19 estimated sell value 5.92 estimated buy value - Jita Market

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In my opinion, insurance is mostly just a waste of isk. Unless you estimate there is a good chance you will lose that ship during the activity you’re going to use it for and the insurance payout is worth the isk you’ll get back, don’t bother.

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Thanks for the tip.

Will save me isk at least.

Quoting for emphasis.
As someone who used to PvP quite a bit, I insured every Tech 1 ship I went out to PvP with. Mostly because it was almost guaranteed to not survive 1 or 2 sorties.

To flesh this bit out a bit:

Insurance is mostly based on the Tech 1 mineral value of a ship.
Other factors such as rarity, rarity of specialty resources, etc are not included.

The idea is that if a player is willing to pay top dollar for an increase in performance, they are no longer a “newbie” and thus do not need insurance.


The term “insurance” is a bit of a misnomer and is only named such because it was the closest term for what was intended.

That intention being: To soften the blow of a ship loss, not negate it.

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I bought insurance on everything when I first started playing (I even tried to insure my first rookie ship. lol). But my ship losses rapidly went down, and I started getting lots of evemails about insurance expiring on ships that I still had. So, now I only buy insurance on PvP ships, and just keep cash on hand to replace my infrequent PvE ships losses.

Also, don’t fly what you can’t afford to lose.

You don’t need to pay for a mining permit, and you shouldn’t mine if you think it’s boring.

And Solstice will probably give me ■■■■ if he sees this, but please increase your income. The thought of you spending weeks just to be able to afford a T1 destroyer hurts my soul. So, you might want to do a youtube search for how to make money as a newbro or something. And, if you have any questions, don’t hesitate to ask.

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I appreciate the help. Thank you.