Whats the point in insurance?

Now I’m asking this question as I don’t pay for it.
Buy if I buy a jump freighter for example it’s worth what 16billion say.

Top insurance is 2bil back but costs 700mil for 30 days.

Whats the point in paying for it? Has it never been updated to go with the rise in cost of wverything else??

Like a new car do you need a GAP insurance on top of platinum to break eve ?

Are CCP going to look into changing things?

There is no point in insurance for T2 ships because insurance is calculated based on minerals and they make up a tiny part of the ship value for T2 ships. Even for T1 ships it only really makes sense to insure if you know that the ship will be destroyed the next time/next few times that you undock.

Insurance is also not meant as a 100% cost replacement for any ships, even T1. It’s just a small helper to get you back on you feet after a loss so that you have some ISK to buy another ship.

REDNES

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You get more back than it costs you so if you expect to lose your ship it’s always worth it, just because it doesn’t fully cover the whole ship, fit and cargo doesn’t mean it’s not worth it.

If you don’t expect to lose your ship then don’t bother.

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For T2 ships it doesn’t even cover a noticable percentage of the ship’s hull cost. Even if you know you lose it, it’s not worth the effort or risk of wasting money if you don’t die after all.

REDNES

Let me repeat it again for people who are bad at logic: You always get more back than what it cost you so it’s always worth it. One might decide to not bother but it’s always worth it.

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Some people are surprised ‘insurance’ in EVE doesn’t cover (a large part of) the cost of their ship as insurance would in real life. That wouldn’t work in EVE - people would be insurance frauding their ships all the time if that were true. In fact, people already do insurance fraud ships in EVE in some situations with current payout. No, insurance in EVE is different.

Insurance is a bet.

When you insure, you’re betting that your ship blows up within the insurance period.

The height of the bet is based on the mineral value of the hull, so for some ships it’s relatively high compared to the hull cost (t1 subcapitals), for some it’s significantly lower (t2 and pirate hulls) and for some it’s pretty much 0 (free ships like corvettes and the praxis, gnosis ship line).

Next time you undock a ship, ask yourself how likely it is you will lose it soon. If the answer is ‘likely’, take the bet and insure your ship. Even if it is a T2 or pirate ship and the payout is relatively low, if you win the bet you get more ISK than you paid, so why not insure?

If you expect the ship to survive the insurance period, or expect to repackage or sell the ship before it blows up, don’t take the bet.

Personally I insure most of my PvP ships, especially before I join a fleet, and don’t insure my haulers or PvE ships as those usually go months without dying.

The different tiers of bets give a relatively higher payout for the higher tiers of insurance, but at a higher initial cost. So if you want to min-max your risk and payout you could pick a lower tier if you think dying is less likely, but personally I don’t bother: I pick either the max insurance or don’t insure at all.

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you get like 1/3 back depending on market conditions, I think the insurance should cover the loss of the vehicle with an optional “Equipment coverage” clause for a little extra.

It would be great if some service would deliver all the covered components like AMAZON for eve, so your ship gets blown up, a few hours or days later the replacement arrives and all the parts trickle in so you don’t have to waste time traveling all over the map to rebuild your ship.

Love EVE, Love life.

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Hahhaa

No

Edit: okay, an explanation: why should people be able to profitably turn their ships into money? It would destroy the trade economy and the inflation that would cause would be terrible. People could produce ships, and rather than finding a buyer they could insure it and get it blown up to create ISK.

There is a very good reason insurances in EVE are as they are.

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*of insurance

well, duh…

If you buy life insurance, you’re basically betting the insurance company you will die.

Fun fact: You are going to win the bet but you are not going to get any of the payout.

If insurance return on a ship is 15% to 25% of its value then it’s a waste of money to spend for insurance while I can use that money now for other things.
What’s the use of having isk stuck in insurance when the payout isn’t even worth a quarter of the ship’s price?

Then why even have insurance at all?

I don’t get CCP.
They get rid of a perfectly working bounty system but leave in a defectuous insurance system.
:flushed:

If that’s not worth it to you, you can choose not to insure.

If I know it’s likely I’ll lose my T2 ship in the upcoming fight, I’ll happily insure it for the free ISK even if it does not cover the costs of a new ship.

Err, what?

Just because it pays out less than some people expect or want does not make the insurance system defectuous.

Likewise the bounty system was paying out less than some people wanted, but was also functioning correctly.

The only downside of the bounty payout was that it put an extra strain on the server in large scale fleet fights while it was paying out negligible rewards split among dozens of pilots every time a pilot with bounty died, so CCP turned it off in order to improve the large fleet experience.

It’s a shame it’s still turned off though, I wish they brought it back.

They need to introduce the same insurance eve echoes has :heart_eyes:

It does to me. If it doesn’t serve its purpose ( in this case: Insurance) then it’s defective.
And Insurance is worth it, just for a few isk more?
Sounds like:
images

I want to see that bounty system up and running. What is a game with combat PvP and pirates without a bounty system? It’s missing from the game, and just because they don’t want to work extra to solve the lag issues during battle. That reeks of unprofessionalism to me.

Lol, do you really think I’m swimming in ISK? :yum:

It’s rare for my wallet to be above 1 billion ISK, usually it’s far lower than the ships I fly.

Anyway, what I mean is that when I lose a 200 million ISK ship and get 30 million more ISK because I insured, that’s 30 million ISK I wouldn’t have if I had not insured (prices and insurance payout fictional).

Easy 30 million ISK, right?

Am I swimming in ISK if I say so? No, if I were swimming in ISK I probably wouldn’t even bother to insure. Just because that 30 million ISK is not an insubstantial amount to me, I like insuring my ships when I expect to die. Now I only need to get 170 million ISK for a new ship rather than 200.

Lol, no. I’m likening players who think that insurance is worth it because it gives out a bit more isk to Scrooge McDuck :grinning_face_with_smiling_eyes:

Don’t forget to substract the amount you had to use to get said insurance, isk you could’ve used for something else.
Anyway, 200M isk ( fictional figure ) to then get 30M after it gets blown up isn’t “insurance”, I call that ‘insult to injury’.

Well you’re free to ignore this possible source of ISK! :wink:

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Jump Freighter prices have skyrocketed over the last half year, which is just too short of a timeframe in terms of eve for anything to adapt. That said, a jump freighter was way cheaper a decade ago, and the prices used for the insurance calculations simply have a decade of lag, rendering any t2 ship insurance basically a waste of money, unless you’re intentionally feeding the ship (pvp filaments, wreck-your-alt skilling sprees, joining nullsec CTAs with a dictor, …)

This makes it clear that you actually don’t have any idea how insurance in EVE works. Which makes arguing against it pretty suspect. Although it’s clear you’re just here to argue.

In no way can you ever pay X for insurance and get “less than X” back. If paid, it always gives you more ISK than it cost, which has been pointed out to you several times already.

In EVE, you get 40% of the preset “mineral value of your hull” as insurance anyway, for free. If you decide to upgrade your insurance, for every 1 ISK you pay for an upgrade, you get 2 ISK back if the ship is destroyed within 90 days. Insurance is basically CCP’s small “ISK doubling service” and is intended to make people feel a little more likely to risk their ships since they think they’ll be getting something back if they lose it.

If the time spent clicking 5 times to insure your ship is worth the ISK to you, and chances are good you’ll lose the ship within 90 days, then do it. If that amount of ISK isn’t worth 5 clicks, don’t do it. It’s pretty simple.

Failing to understand how it works isn’t a good rational for saying it’s a defective system.

Really? Hmm. Then I guess I should get out of the conversation.
Have a nice day.