Paul Sanchez
In the game EVE Online, ships are not cheap. Luckily, the game has a built-in insurance system to help players hedge against the loss of some of the ISK invested in a ship. When you first buy a ship, it is automatically insured at 40% for 12 weeks. You can insure your ship at different levels by clicking on the ship insurance icon (which looks like chains and a lock around a ship) when you are docked in a space station. Insurance is a service available to players in certain stations in New Eden. Insurance payouts are predetermined based on the estimated value of the materials required to construct the ship and other factors such as the ship type itself. However, insurance only covers the hull, not the modules, rigs, or assets in the various holds.
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What You'll Learn
Insurance is a safety net for newer players
The insurance system is designed to be a financial safety net for newer players, and people new to the game should consider insuring the Tech 1 ships that they will be using initially. This is because a new player can lose a ship from a single ill-informed decision such as accidentally tangling with Triglavian NPCs, meeting diamond rats without knowing what they are, or simply using autopilot to move a ship carrying valuable cargo. Insuring ships in such cases can protect newer players from major setbacks.
Insurance contracts are valid for up to 12 weeks, and only compensate for the ship hull, not any modules, rigs, or assets in the various holds. 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.
It is important to note that insurance expiration emails may not be sent in a timely fashion, and players might find out that they have missed the expiration date at an inconvenient time, such as when their ship is lost. There are also several ways to lose insurance coverage, such as being destroyed by CONCORD in highsec, which is an important financial factor in suicide ganking calculations.
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Insurance doesn't cover modules, rigs, or cargo
EVE Online has a built-in insurance system for ships, which acts as a financial safety net for players, especially newer players. Insurance is available at certain stations in New Eden, and contracts are valid for up to 12 weeks.
While insurance can be a great way to protect yourself from financial loss, it's important to understand what is and isn't covered. Insurance only covers the hull of the ship and not any modules, rigs, or cargo. This means that if your ship is destroyed, you will only receive a payout for the ship's hull, and any modules, rigs, or cargo that were on board will not be covered.
For example, let's say you have a T1 ship with full T2 module fits. If your ship is destroyed, you will only receive a payout for the basic T1 ship hull, and the value of the T2 modules will not be covered. This can result in a significant financial loss, especially for more advanced ship types.
It's also worth noting that insurance payouts are predetermined based on the estimated value of the materials required to construct the ship, with other factors such as ship type playing a minor role in determining the final value. The estimated market value of the ship is not considered when determining insurance values.
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Insurance is valid for up to 12 weeks
Insurance contracts are valid for up to 12 weeks, but they only compensate for the ship hull, not any modules, rigs, or assets in the various holds. The insurance payout is predetermined for each ship hull and is based on the estimated value of the materials required for construction. Other factors, such as the ship type, also influence the final value to a lesser extent. The insurance value for all ships is regularly recalculated to account for market changes in the material markets.
The actual payout amount is determined by the level of insurance purchased. Basic or standard insurance may be more cost-effective if you don't plan on taking your ship into dangerous situations. On the other hand, if you're undocking a cheap T1 ship for risky PvP, it might be wise to invest in Platinum insurance.
It's important to note that insurance expiration emails may not always be sent in a timely fashion. These emails are usually sent when you open the insurance tab at a station, so you might find out about the expiration after your ship is lost. Additionally, if your ship is destroyed by CONCORD, no insurance will be paid out, even if you didn't purchase additional insurance.
Ships can also be insured by corporations rather than individuals, allowing members to utilize the ship while covering potential losses. In this case, the ship must be in a corporation hangar, and the contract becomes void if the ship is boarded by any character not part of the corporation.
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Insurance is available at certain stations
When you first buy a ship, it is automatically insured at 40% for 12 weeks. However, this insurance will expire if you do not renew it, and you may not receive an expiration notification in time. Therefore, it is important to keep track of your insurance expiration date.
To insure a ship, right-click on its hull and select 'Insure' from the drop-down menu. You can also open the insurance interface from the station services window, which defaults to the right-hand side of the screen when you are docked. The insurance interface will list the exact costs and payouts of the options for the hull you are insuring.
It is recommended that new players consider insuring every ship, as a new player can lose a ship from a single ill-informed decision. Tech 1 ships, in particular, are highly insurable and provide a financial safety net for newer players.
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25%-chance-of-losing-your-ship'>Insurance is worth it if there's a >25% chance of losing your ship
Insurance is generally considered worth it if there is a >25% chance of losing your ship. This is because insurance costs X and pays out 4X if you lose your ship. Insurance contracts are valid for up to 12 weeks, and only compensate for the ship hull, not any modules, rigs, or assets in the various holds.
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. The game has assigned some secret base prices to all of the minerals. The estimated market value of the ship hull itself is not considered to determine insurance values.
For newer players, insurance can act as a financial safety net. It is recommended that new players consider insuring every ship as they can lose a ship from a single ill-informed decision. For example, they may accidentally tangle with Triglavian NPCs, meet diamond rats without knowing what they are, or use autopilot to move a ship carrying valuable cargo.
However, once you progress in your career and own tens or hundreds of ships, insuring every one may not be the best idea. For ships used in well-understood, controlled PvE contexts, insurance might not be necessary. Additionally, for some expensively-fit T2 or T3 ships, the insurance payout might be so low compared to the financial loss when the ship blows up that insuring them is a pointless hassle.
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Frequently asked questions
When you are docked in a space station, the station window has an icon that looks like chains and a lock around a ship. This is the ship insurance icon. If you don't see this icon, your ship is not insured.
Insurance covers the ship hull, but not any modules, rigs, or assets in the various holds.
Insurance can only be taken out at a station or player-owned structure with relevant services. To insure a ship, right-click its hull and select 'Insure' from the drop-down menu.
The cost of insurance depends on the level of insurance you want to purchase. Basic insurance is 40% reimbursement.
Insurance is worth it if there is a >25% chance that you will lose the ship in the insurance period (3 months). Insurance is especially useful for players who expect to have ships destroyed frequently, like PvP players.
