I know insurance never did cover all or a majority of a ship loss. And I know why it’s done that way. But I seem to recall it did cover 30%-40% or better.
Now, the best I can get is 500k or so no matter what ship! That’s less than 1% for a 80mil hull!!!
When did this happen?! 
EVE has ship insurance??
Did you get the Platinum?
Probably since CCP realized they’re losing 
and paying players.
Did insurance get changed, or did the price of the ship on the market get changed?
–Asking Gadget
You sure you aren’t mixing up the cost of insurance with the payout?
Maybe it’s not so much the insurance system that was changed, than something to do with the scarcity-thingy?
Also, I read somewhere that insurance payout is based only on the est. price of minerals required to build the hull. If you’re talking about an Algos, it’s a cheap destro, so insurance is low. If this is about an Astero, then most of it’s bill-of-materials cost comes from components (estimated here at 43,04m out of 43,66m isk) that are not considered in the payout calculation.
Edit: as per reply below mine: EVE U wiki: insurance (not that everything this wiki says is up to date; just that it’s necessarily more reliable than my “I’ve read somewhere”s ; )
The insurance payout is a pre-determined amount for each ship hull, mainly based on the estimated value of the materials required to construct the ship, with other factors playing into the final value to a lesser extent, such as ship type itself. The estimated market value of the ship hull itself is not considered to determine insurance values. The insurance value for all ships is regularly being recalculated to account for market changes in the material markets.
Absolutely.
I just insured an Algos today, Plat plan only ~500k payout.
Insured a new Astero the other day. Plat plan. Same payout.
Got screenshots of this?
This is for one of my recently added Astero’s
Inthpught Faction ships always had ppor payouts? Im assuming the new mat costs werent factored in because ccp?
Also for the Algos isnt that correct?
I just checked insurance one on my my expired Dragoons.
Same thing for Plat plan.
Yeah, its just a T1 dest, it cant have much more than half a mill of minerals in it, surely?
I understand why insurance doesn’t pay out a lot. And I agree with the reasons.
NTL, that’s an insult!
Imagine your new $20k car is totaled and the insurance company only pays you $5,000 saying it can’t be much more in iron, aluminum, plastic, copper, rubber etc.
I generally dont fly my car into combat though.
Imagine they pay you $10k because you drove it off the lot and now it is a used car, not a new car.
Oh wait, I don’t have to imagine, that’s literally what happens.
I know right?
To be fair 99% of what i fly was never worth insuring before the change, faction and T2 insurance was always trash, the rest of you have just caught up
Imagine having to pay ever increasing premiums whenever you lost your ship…
–Like a good neighbor, Gadget is there
I mean never really looked at insurance as my PVE ships never exploded… Insurance in EVE is kind of like a vanity thing? Debunked? Unvalued I guess? Almost like player bounties CCP removed.
Guess you never drove the inner city roads. 
Especially if CCP wants to get players out of Hi into Low and Null, being able to recover 30%-40% even 50% of a ship loss is a good incentive.