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LobsterNinja
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Posted - 2009.02.06 15:24:00 -
[1]
At first glance, it appears as if buying insurance is a reasonable thing to do. But then I did the math. Now it appears that assuming you lose your ship, you effectively just get your premium back, with no net gain. Here's my reasoning:
For free, you are insured to 40%.
Basic insurance covers you for 50%.
This means that the amount that you get paid when your ship blows up is 10% more than you would if you were not insured. But guess what? That 10% is exactly what you paid for to get insured in the first place.
Am I missing something?
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LobsterNinja
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Posted - 2009.02.06 15:27:00 -
[2]
... and the incremental price for additional insurance exactly matches the incremental payout. What's up with that? Seems a like life insurance in the real world  .
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Nova Fox
Gallente
Novafox Shipyards
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Posted - 2009.02.06 15:30:00 -
[3]
Its really meant for beginners and it was put in mainly for them, there are suicide gankers.
Are you sure its 40% uninsured?
Im sure drakes arent worth 14 million in minerals if thats the case.
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Buga Buga
Sajuuk Fleet
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Posted - 2009.02.06 15:31:00 -
[4]
In what base do you do your math because its sure not 10. Also, what ships are you talking about, because if youre talking about t2 ships then they are insured as if they were t1.
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Nova Fox
Gallente
Novafox Shipyards
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Posted - 2009.02.06 15:32:00 -
[5]
yeah for some reason it doesnt count the ship as a mateiral for insurance.
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Etria Issen
Amarr
Imperial Academy
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Posted - 2009.02.06 15:34:00 -
[6]
I also think insurance prices vary depending on where you get it insured. It looks at the regional value of the ship.
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Buga Buga
Sajuuk Fleet
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Posted - 2009.02.06 15:34:00 -
[7]
Edited by: Buga Buga on 06/02/2009 15:36:16
Let;s take an example : kestrel
Platinum insurance
You can buy it for 150.000 Isk
Insure it for : 67.500 Isk
You get back : 225.000 Isk
Profit : 7500
/runs to insure/blow up kestrels
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LobsterNinja
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Posted - 2009.02.06 15:34:00 -
[8]
See http://support.eve-online.com/Pages/KB/Article.aspx?id=148
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Buga Buga
Sajuuk Fleet
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Posted - 2009.02.06 15:36:00 -
[9]
platinum 99%
Why the hell would you buy a basic insurance?
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Fujiko MaXjolt
Caldari
Templar Republic
Arcane Alliance
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Posted - 2009.02.06 15:36:00 -
[10]
 Originally by: Etria Issen
I also think insurance prices vary depending on where you get it insured. It looks at the regional value of the ship.
No it doesn't.
They are standardized values that never change.
Payouts and premiums, that is.
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Nova Fox
Gallente
Novafox Shipyards
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Posted - 2009.02.06 15:37:00 -
[11]
Edited by: Nova Fox on 06/02/2009 15:37:20
uhm why buy basic?
thats like buying an alpha clone to replace you after you get pod killed.
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LobsterNinja
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Posted - 2009.02.06 15:39:00 -
[12]
Originally by: Buga Buga
Check your math mate.
Let;s take an example : kestrel
Platinum insurance
You can buy it for 150.000 Isk
Insure it for : 67.500 Isk
You get back : 225.000 Isk
Profit : 7500
Again, check your math please.
I don't see the 40% insurance that you get for free in your calculation. My point is that when you buy basic insurance your coverage is 10% more than the free coverage.
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LobsterNinja
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Posted - 2009.02.06 15:46:00 -
[13]
Ah, I see, we are all agreed that "basic insurance" is useless. The bigger insurance policies actually insure you somewhat. But it still only appears to pay about 2 for 1 incrementally. Worthwhile to get platinum if you think you have a pretty good chance of blowing up within the policy time, otherwise better to invest the money.
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Lt Angus
Caldari
End Game.
The Crimson Federation
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Posted - 2009.02.06 16:02:00 -
[14]
They might as well remove every option appart from premium |
Razzlie
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Posted - 2009.02.06 16:53:00 -
[15]
Edited by: Razzlie on 06/02/2009 16:53:47
At least premium is useful. |
Susan Kennedy
Gallente
Eddie Murphy Appreciation Society
Chubby Chuppers Chubba Chups
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Posted - 2009.02.06 17:00:00 -
[16]
Edited by: Susan Kennedy on 06/02/2009 17:03:05
Edited by: Susan Kennedy on 06/02/2009 17:02:51
Originally by: LobsterNinja
Ah, I see, we are all agreed that "basic insurance" is useless. The bigger insurance policies actually insure you somewhat. But it still only appears to pay about 2 for 1 incrementally. Worthwhile to get platinum if you think you have a pretty good chance of blowing up within the policy time, otherwise better to invest the money.
Your chances if being blown up are 100% if you remove fittings and self destruct one day before the insurance runs out. (rigs ofc bork this)
This is, of course, something all the "ReAL lifE insuranCE companies wouldn't pay out if I ram raIDS the supERMARKTs wud they" types as a "fix" to suicide ganking, conveniently leave out of their real world analogys.
Either leave it as it is or remove ALL insurances, especially for suicide gankers, 0.0 pilots, and people who lose ships during war decs with consideration for stiff penalties for low sec pilots, and mission running pilots.
KENNEDY
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Ki Tarra
Caldari
Ki Tech Industries
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Posted - 2009.02.06 17:26:00 -
[17]
If someone offered to double your money if you lost your ship in the next three months would you take them up on that bet?
That is basicly what insurance does. There is a limit on how much you can bet depending on the ship you fly, but regardless of that limit, you will get back twice what you paided to upgrade your insurance if you lose your ship during those three months.
The remaining question: is it worth your time to find a station with an insurance office to place that bet?
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