Jeffrey Wade
The question of whether or not to insure a freighter in Eve is a complex one. On the one hand, some players argue that it is always better to insure your freighter as you never know when you might get ganked and lose your ship, which can be a costly mistake. On the other hand, others argue that the probability of getting ganked is low enough that the insurance money could be better spent elsewhere, especially if you are an experienced player who knows what you're doing in terms of cargo value, webber alt, and standings setup with bumpers. Ultimately, the decision of whether or not to insure a freighter in Eve depends on a variety of factors, including a player's risk tolerance, the value of their cargo, and their familiarity with the game mechanics surrounding insurance and ganking.
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What You'll Learn
Pros and cons of insuring a freighter
Pros
- Insurance provides a financial safety net, especially for newer players.
- Insurance helps players hedge against the loss of some of the ISK invested in a ship.
- Insurance provides a payout if your ship is lost, which can help with rebuilding.
- If you expect your ship to be lost within a certain time frame (e.g. 12 weeks), insurance can provide peace of mind and protection from major setbacks.
- Insurance can be useful if you are taking risky contracts or are less experienced and need protection against ill-informed decisions.
Cons
- Insurance costs can add up, especially if you have multiple ships or are insuring for extended periods.
- The insurance payout may not always cover the full value of the ship, and it typically does not cover modules, rigs, or cargo.
- Insuring a ship that is unlikely to be lost may be unnecessary and a waste of money.
- There are risks of losing insurance coverage, such as destruction by CONCORD in highsec, which can result in a reduced reimbursement.
- The insurance process can be inconvenient, with potential delays in receiving payout and expiration notifications.
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Ganking and its impact on insurance
Ganking is a common occurrence in EVE Online, with players having to deal with the possibility of being targeted by other players looking to destroy their ships and cargo. This presents a significant risk, especially when hauling valuable cargo in a freighter, which is a large and sluggish ship that can be challenging to manoeuvre and protect.
The impact of ganking on insurance in EVE Online is complex and depends on various factors. Some players choose to insure their freighters, recognising the high risk of being ganked and the potential loss of their ship and cargo. Insurance provides a safety net, ensuring that they can recover some of their losses if they are ganked. This is particularly important for new players who are still learning the game mechanics and experienced players who take on risky contracts.
However, other players choose not to insure their freighters, believing that the probability of being ganked is low enough that the insurance cost is not worth it. They argue that the insurance payout may not cover the full value of their ship and cargo, and the money spent on insurance could be invested elsewhere. Additionally, some players may choose to fly with a fleet or utilise specific ship fittings and tactics to minimise the risk of being ganked, reducing their reliance on insurance.
The decision to insure a freighter in EVE Online ultimately comes down to individual risk assessment and gameplay style. While insurance can provide peace of mind and financial protection, it may not always be the most cost-effective option, especially for experienced players who know how to minimise the chances of being ganked. As such, players need to carefully consider the benefits and limitations of insurance before deciding whether to insure their freighters.
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Insurance for new players
First and foremost, it is essential to understand the risks involved in hauling. Freighters are often targeted by gankers, and losing a freighter can be costly, especially for new players. Therefore, it is recommended to join an established hauling community or group, such as PushX or Red Frog, as they can provide guidance and support to new haulers. Learning from experienced players will help you develop the skills needed to navigate the complexities of hauling.
When it comes to insurance, new players should strongly consider insuring their ships, especially the Tech 1 ships they will be using initially. Eve has a built-in insurance system that provides a financial safety net in case of ship loss. While the basic insurance provides a 40% reimbursement, players can choose to spend some ISK in advance to increase the reimbursement rate and protect their investments. This can be particularly beneficial for new players who are still learning the game and may make ill-informed decisions that result in ship loss.
However, it is important to note that insurance in Eve has its limitations. It does not cover the modules, rigs, or cargo in the ship, only the hull. Additionally, the reimbursement rates may not always be favourable, and players may find that the insurance payout is significantly lower than the value of their ship and its contents. Therefore, it is crucial to carefully consider the value of your freighter and its cargo before deciding on insurance. If the value exceeds 1 billion ISK, it may be advisable to avoid insurance and instead focus on risk mitigation strategies, such as keeping cargo values low and utilising blockade runners for high-value goods.
Ultimately, the decision to insure a freighter in Eve depends on various factors, including risk tolerance, the value of the freighter and its cargo, and the player's experience level. While insurance can provide some financial protection, it is not a guarantee against loss. New players should carefully weigh the benefits of insurance against the potential costs and consider seeking guidance from experienced players or communities to make informed decisions.
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Different types of insurance
EVE Online has a built-in insurance system for ships, which acts as a financial safety net for players, particularly newer players, who have invested ISK in a ship. Insurance is available at certain stations in New Eden. 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 game provides a small insurance payout for any ship lost, not to CONCORD. Players can also choose to spend some ISK in advance to recoup more money if their ship is lost. Insurance payouts are based on the estimated value of the materials required to construct the ship, with other factors such as ship type also playing a role. The estimated market value of the ship hull itself is not considered when determining insurance values.
If a ship is destroyed by CONCORD, no insurance will be paid out, even if additional insurance was purchased. Ships can also be insured by corporations, allowing members of the corporation to utilize the ship while still covering potential losses upon its destruction.
New players should consider insuring every ship as they may lose a ship from a single ill-informed decision. However, once a player has progressed in their career, insuring every ship may not be the best idea, especially for ships that are used in well-understood, controlled PvE contexts.
Some players choose not to insure their freighters, as the best use of insurance is for ships that are intentionally put in harm's way. However, others argue that freighter ganks are common, and it is better to be safe than sorry. Ultimately, the decision to insure a freighter depends on the player's risk tolerance and whether they can afford to replace the ship if it is lost.
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Calculating insurance payouts
Insurance payouts in EVE Online are calculated based on several factors. Firstly, the level of insurance purchased influences the payout amount. Higher levels of insurance, such as platinum insurance, may provide a full refund or a percentage of the hull price. The type of ship being insured also matters, with basic Tech 1 ships having a ship type multiplier of 1, while more advanced ships have lower multipliers.
The estimated value of the materials required to construct the ship is a crucial factor in determining the insurance payout. This value is based on the mineral price index to discourage insurance fraud. The base price of the ship may also be considered, but it is not the primary determinant of the payout. The insurance payout will typically be lower than the market value of the ship, and it is designed to provide a financial safety net for newer players.
The duration of insurance coverage also affects the payout. Contracts typically last for up to 12 weeks, and the circumstances of the ship's destruction can impact whether a payout is made. For example, if a ship is destroyed by CONCORD, no insurance will be paid out. Additionally, insurance only covers the ship's hull and not any modules, rigs, or cargo in the holds.
When calculating insurance payouts, players can use tools and resources available online, such as the eve online insurance payouts page or chruker.dk, to estimate the potential payout for their ship. However, it is important to verify this information against the data in the game, as insurance formulas and values may change over time.
Calculating the potential insurance payout for a freighter in EVE Online involves considering similar factors. The level of insurance, the estimated value of the materials, the base price, and the duration of coverage all play a role. Freighter ganks are relatively common, so insurance can provide protection against financial loss in such cases. However, players should also consider the likelihood of needing to make a claim and the opportunity cost of using their ISK for insurance instead of other in-game purchases.
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Frequently asked questions
It depends. Insurance is meant to be a financial safety net for newer players, and people new to the game should strongly consider insuring the Tech 1 ships they will be using initially. If you are experienced, you can choose not to insure your freighter, especially if you are not going to be lazy hauling or taking risky contracts.
Insurance lasts for 90 days. 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 covers just the hull, not the modules, rigs, or cargo.
To insure a ship, right-click its hull and select 'Insure' from the drop-down menu. Insurance can only be taken out at a station or player-owned structure with relevant services.
If you have the money to insure your freighter, then you should. If you don't have the money to insure, then don't fly it. If you are an experienced player, you can choose to not insure your freighter, especially if you are hauling low-value goods.
