Insurance

Insurance icon in a station

Insurance is a system where you may pay ISK, to recover some ISK if your ship is lost.

Insuring your ship

To buy insurance you first have to find a station that offers the service. Click the corresponding button to open the insurance menu.

Find the ship you want to insure in the list, right click its entry and select Insure

Selecting a ship to insure

Read the insurance terms before accepting the pop up confirmation box. You will now see a list of six different insurance options.

Losing insurance

Your insurance will be lost if you do any of the following:

1. . Repackage your ship
2. . Trade your ship to another player
3. . Put your ship into a corporation hangar
4. . Sell your ship on the market
5. . Put your ship inside a contract.

Be advised that these actions will mean the loss of your paid insurance payout, and you will not be reimbursed because of this (The 40% default insurance is never lost, however). Note also that insurance expiration mails may not necessarily be sent in a timely fashion. Insurance contract expiration mails are normally only sent out when you open up the insurance tab in a station, so it is a good idea to regularly open up the insurance screen when you are at a station to see if any of your contracts have expired. It is up to you to keep tabs on your insurance, using the dates from the initial insurance mail and the "show info" function on your ship, in order to know when you need to re-insure it. Customer Support can not compensate for insurances that have expired.

Coverage

Example coverage levels

All ships have 40% insurance coverage by default. You don't have to pay for the 40% coverage, but if you don't feel that it is enough, then you can buy an insurance contract which has a larger payout. Please note that bought insurance contracts are only valid for twelve weeks after the time of purchase.

The basic insurance covers 50% of the "base price" of your ship, standard 60%, bronze 70%, silver 80%, gold 90% and platinum 100%. When calculating your basic ship price the NPC mineral value is used(2 isk per Tritanium, 8 per Pyerite, 32 per Mexallon, and so on up to 32768 per Morphite), not market price. For most tech 1 ships, the base price is much higher than the market price, but for tech 2 and faction ships it is much lower.

Purchasing of additional insurance costs half as much as the coverage gained - i.e, platinum insurance will increase your coverage by 60% of base price, but will cost you 30% of base price for a policy. This means that insurance is profitable if you lose your ship during the period of your first insurance contract - i.e., within twelve weeks. It is neutral if you lose it in weeks 13-24, and costs more than you get back if you lose the ship after week 24. While it is not usually possible to tell in advance when you are going to lose your ship, make an estimate of how often you expect to lose it. If it is at least once every six months, then insurance at the highest level you can afford is generally a good deal, and if it is more than every six months then insurance is a bad deal. Generally, PvP ships ought to be insured, especially if they are likely to be shot first in combat(or will be used to suicide gank), and PvE ships ought not to be.