Haris Ashley
Insurance in EVE Online is a service that provides players with a financial safety net in the event of ship destruction. The game features a built-in insurance system that offers payouts for lost ships, with the amount based on the ship's hull value and other factors. While insurance can provide peace of mind, especially for newer players, it is not always cost-effective, and players must consider the potential risks and costs associated with their ships before deciding whether to insure them.
| Characteristics | Values |
|---|---|
| Purpose | To provide a financial safety net for newer players and hedge against the loss of ISK invested in a ship. |
| Coverage | Only the ship hull is covered, not any modules, rigs, or cargo. |
| Payout | Based on the estimated value of the materials required to construct the ship and ship type. Not based on the market value of the hull. |
| Expiration | Insurance contracts are valid for up to 12 weeks. |
| Cost | Varies depending on the ship. For example, insurance for a jump freighter with a top payout of 2 billion ISK may cost 700 million ISK for 30 days. |
| Risk | Insurance may not be worth it for experienced players with many ships or for ships used in controlled contexts. |
| Convenience | Insurance can provide peace of mind and help recoup losses if a ship is destroyed. |
| Limitations | Insurance does not cover all hulls equally and may not provide a full payout for more advanced ships. |
| Notification | Insurance expiration emails may not be sent in a timely manner. |
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What You'll Learn
Insurance payouts
The insurance payout amount is predetermined for each ship hull and is primarily based on the estimated value of the materials required to construct the ship. Other factors, such as ship type, also influence the final payout value to a lesser extent. It's important to note that insurance only covers the ship's hull and does not include modules, rigs, or assets in the cargo hold or drone bay.
The insurance contract is valid for up to 12 weeks and the actual payout amount depends on the level of insurance purchased. However, there are certain circumstances under which the insurance contract becomes void, resulting in no payout. For example, if the ship is placed in a corporation hangar or used in activities that result in its destruction by CONCORD, the insurance will not provide coverage.
While insurance can be beneficial, particularly for newer players, it may not always be necessary or cost-effective as players progress in the game. Insuring every ship may not be the best idea, especially for experienced players who are familiar with controlled PvE contexts. In some cases, the insurance payout may not adequately cover the financial loss of a destroyed ship, making the insurance process a pointless hassle. Therefore, players should carefully consider the risks and costs associated with their ships before deciding whether to purchase insurance.
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Insurance fraud
Additionally, since the Tyrannis update in 2010, ship insurance values have been periodically updated based on the mineral value of the hull. This has opened the door to several types of insurance fraud, especially concerning the hauling of minerals and the conversion of minerals into ISK for PvP ships.
Overall, while insurance fraud can be a way to make money in EVE Online, it may not always be the most efficient or sustainable method. Players should also consider the potential risks and consequences of engaging in fraudulent activities.
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When to insure your ship
EVE has a built-in insurance system for ships, which helps players hedge against the loss of some of the ISK invested in a ship. The game will provide a small insurance payout for any ship lost (not to CONCORD), and players can choose to spend some ISK in advance to recoup more money if their ship is lost. Insurance has its limits, however: it does not provide payouts at the same rate for all hulls, and it covers just the hull, not the modules and rigs fitted to the ship, nor any contents in the cargo hold and drone bay.
Insurance is a good idea for newer players, acting as a financial safety net. New players should consider insuring every ship as they can lose a ship from a single ill-informed decision such as tangling accidentally with Triglavian NPCs, meeting diamond rats without knowing what they are, or simply using autopilot to move a ship carrying valuable cargo. Tech 1 ships, which are usually flown by new players, have a ship type multiplier of 1, meaning they lose little if they are blown up.
However, insurance may not always be worth it. For instance, ships that you intend to use in well-understood, controlled PvE contexts, which you know and have experienced before, might not need insurance. 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 pointless.
It's also important to keep in mind that insurance contracts are valid for up to 12 weeks, and you may not always receive timely notifications about their expiration.
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Insurance expiration
EVE Online's insurance system is designed to offer a financial safety net, particularly for newer players who are encouraged to insure their Tech 1 ships. The insurance contracts are valid for up to 12 weeks, and players should expect to receive insurance expiration emails. However, these notifications may not always be timely, and players might only discover the expiration when their ship is lost.
One critical aspect of insurance expiration is the potential reversion to the basic default reimbursement of 40%. This means that if a player's ship is destroyed by CONCORD in highsec, they will receive a lower payout. The reimbursement fee is calculated using a formula that includes the percentage of insurance coverage, along with other values kept secret to prevent exploits.
Additionally, it's worth noting that insurance fraud is a concern within the game. Some players have discussed strategies involving kill rights and ship insurance fraud to make a profit, regardless of whether the ship is destroyed or the kill right is sold. This highlights the potential for abuse within the insurance system and the importance of understanding the mechanics to avoid financial loss.
When considering insurance expiration, players should evaluate the cost-effectiveness of insurance. For example, if a player reinvests in Platinum insurance more than twice without losing their ship within 24 weeks, they will have incurred a financial loss. In such cases, basic or standard insurance may be a more prudent choice. As players progress in the game and acquire more ships, they may also reconsider insuring every ship, especially in controlled and well-understood contexts.
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Insurance costs
Insurance in Eve Online is a service available to players in certain stations in New Eden. Insurance contracts are valid for up to 12 weeks and provide a financial safety net for players, especially newer players. Insurance payouts are predetermined and based on the estimated value of the materials required to construct the ship, with other factors such as ship type playing a smaller role in determining the final value. The maximum ship type multiplier value is 1, usually for basic Tech 1 ships flown by new players, and can be much less for more advanced ships. The insurance system covers only the hull of the ship, not any modules, rigs, or assets in the various cargo holds.
The cost of insurance is determined by the mineral value of the hull, with the manufacturing cost being the primary variable. The market value of the hull and the modules on the ship are not considered when calculating insurance costs. Insurance fraud is possible by building a ship, insuring it, and then getting it blown up. This can be done by equipping the ship with inexpensive modules and finding a fight, or by undocking an unfit ship on one account and blowing it up with another.
For example, a jump freighter worth 16 billion ISK may have a top insurance payout of 2 billion ISK but cost 700 million ISK for 30 days of coverage. In this case, the insurance may not seem worth the cost, especially if the ship is not expected to be at risk of being destroyed.
For more advanced players with many ships, insuring every one may not be necessary or cost-effective. For example, ships used in well-understood, controlled PvE contexts might not need insurance, as the insurance payout may be negligible compared to the financial loss when the ship is destroyed. Similarly, for some expensive T2 or T3 ships, the insurance payout may not be worth the hassle of insuring them.
Overall, the cost of insurance in Eve Online appears to be based on the value of the ship's hull and the level of coverage desired. The decision to purchase insurance should be based on the player's expectations of risk and the potential financial loss if the ship is destroyed.
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Frequently asked questions
EVE insurance is a service available to players in certain stations in New Eden. It provides a financial safety net for players by compensating them for the loss of a destroyed ship.
EVE insurance provides a payout based on the estimated value of the materials required to construct the ship. The payout only covers the ship's hull, not any modules, rigs, or cargo. Insurance contracts are valid for up to 12 weeks.
EVE insurance can be worth it, especially for newer players who may lose a ship due to an ill-informed decision. It can provide a financial cushion and help recoup some of the investment in a ship. However, it may not be necessary for more experienced players with a large number of ships or those flying less risky T1 ships.
The cost of EVE insurance varies depending on the ship's value. For example, the top insurance for a jump freighter with a value of 16 billion might cost 700 million for 30 days, providing a payout of 2 billion.
