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Krik
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Posted - 2005.07.29 20:29:00 -
[1]
I have my third Megathron (I lost the two first without insurance). I told me I should insure this one but let's calculate the benefit of insuring it!
If I take the Platinum insurance, it will cost me 31,5Misk. When I'll loose my ship, the insurance will pay me 105Misk. So the net benefit will be 105M-31.5M = 73.5Misk
If I don't pay insurance but I keep my 31.5Misk in my wallet. When I'll loose my ship, the insurance will pay me 42Misk. So I will have in my wallet 42M+31.5M = 73.5Misk
Now imagine I don't loose my ship (Yes it could happen  ) If I paid insurance, I loose 31.5M
Am I wrong somewhere?
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Deja Thoris
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Posted - 2005.07.29 20:46:00 -
[2]
With insurance
Ship cost 120mill
Insurance 34mill
Total 154mill
Payout 112.5mill
Total loss 31.5mill
Without insurance
Ship cost 120mill
Payout 45mill
Total loss 65mill
Difference in loss =33.5mill
Do you "lose" money if you insure a ship and it's not destroyed? Well, you are paying for that uncertainty. Whether you want to or not is up to you.
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Krik
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Posted - 2005.07.29 20:55:00 -
[3]
 Originally by: Deja Thoris
With insurance
Difference in loss =33.5mill
That's the price of your insurance... If you keep it in your wallet, there's no difference.
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Lan2
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Posted - 2005.07.29 21:10:00 -
[4]
Originally by: Deja Thoris
With insurance
Without insurance
Ship cost 120mill
Payout 45mill
Total loss 65mill
Difference in loss =33.5mill
Not quite... you forgot the 'extra' 31.5m in payout - the income from NOT buying insurance...
Difference = 2 million
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Kaell Meynn
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Posted - 2005.07.29 21:16:00 -
[5]
Originally by: Deja Thoris
Total 154mill
Payout 112.5mill
Total loss 31.5mill
Pardon my math if its wrong... but isnt 154-112.5 = 41.5? You math on the non insured was wrong too.
Originally by: Krik
Originally by: Deja Thoris
With insurance
Difference in loss =33.5mill
That's the price of your insurance... If you keep it in your wallet, there's no difference.
He already added in the cost of the insurance (though his math was wrong), you cant add it in twice. Either you add the insurance to the total cost, or you look at the cost afterwards, not both.
Insured:
Ship cost 120mill
Insurance 34mill
Total 154mill
Payout 112.5mill
Total loss 41.5mill
Insured without adding insurance to total cost:
Ship cost 120mill
Total 120mill
Payout 112.5mill
Total loss 7.5mill
Insurance 34mill
Total loss + cost of insurance 41.5mill
Uninsured:
Ship cost 120mill
Total 120mill
Payout 45mill
Total loss 75mill
You lose 33.5mill more if its not insured. This is after already calculating the cost of insurance. If you dont calc cost of insurance, the insured ship saves you 67.5mill.
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Kaell Meynn
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Posted - 2005.07.29 21:17:00 -
[6]
Originally by: Lan2
Originally by: Deja Thoris
With insurance
Without insurance
Ship cost 120mill
Payout 45mill
Total loss 65mill
Difference in loss =33.5mill
Not quite... you forgot the 'extra' 31.5m in payout - the income from NOT buying insurance...
Difference = 2 million
You can't add in insurance twice! It was already added into the cost of the isnured ship. You can do this OR you can take it into account after subtracting, not both. You only pay for the insurance once! Unless of course you keep the ship for 2 insurance terms, but that isnt what we are talking about.
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Macel
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Posted - 2005.07.29 21:26:00 -
[7]
No, actually she was taking it into consideration but her subtraction was a little off :)
Megathron w/ insurance:
Cost of ship: (120 + 34 mil insurance) = 154 million
Payout: 112 million
Money lost on ship loss: 154 - 112 = ~41.5 Million
Megathron w/o insurance:
Cost of ship: 120 mil
Payout: 42 mil
Money lost on ship loss: 120 - 42 = ~78 Million
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IamBen
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Posted - 2005.07.29 21:28:00 -
[8]
hmm so does it make sense to insure? Being that with the cost of the insurance and what you get back from default insurance is the same?
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Cookie
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Posted - 2005.07.29 21:29:00 -
[9]
k .. easy explanation then...
case1
Wallet: 150 mill.
buy ship (120mill.)
buy insurance (30mill)
--> wallet 0
ship blows up, insurance pays 110mill.
--> wallet 110 mill.
case2
buy ship (120mill.)
--> wallet (30mill)
ship blows up, standard insurance pays 40mill.
--> wallet 70 mill.
pick your choice
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Embattle
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Posted - 2005.07.29 22:33:00 -
[10]
In my opinion insurance in EVE has always been a rip, even more so if you are flying a faction ship 
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Kaell Meynn
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Posted - 2005.07.29 22:40:00 -
[11]
Edited by: Kaell Meynn on 29/07/2005 22:40:34
Originally by: IamBen
hmm so does it make sense to insure? Being that with the cost of the insurance and what you get back from default insurance is the same?
Yes, it does, if you think you'll lose your ship. You are betting 30million ISK that you will lose your ship in the insurance term. If you dont lose your ship, you lose your 30million, if you do lose your ship, you have 'won' 40million (70-cost of insurance). If you think there is a 50/50 chance you'll lose your ship in the insurance term, it is beneficial to buy platinum insurance. If you think there is only a 25% chance you'll lose your ship during the term, then no, don't get insurance.
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Cilou
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Posted - 2005.07.30 09:18:00 -
[12]
Edited by: Cilou on 30/07/2005 09:18:17
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Krik
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Posted - 2005.07.30 09:19:00 -
[13]
You're right. I counted two time the insurance price...
And I didn't compare the same things.
In the first case I spoke about the net refund (73.5M but my wallet balance would increase of 105M).
In the second one I spoke about the balance of my wallet.
Thank you for your enlightenments.
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