I don’t know about you, but I definitely am not.
Just realised last night that I’ve been flying my Rattlesnake and Raven around doing missions having completely forgotten about taking out an insurance policy for them. Ok, fine, talking about insurance for a 500 million ISK Rattlesnake is actually pretty pointless when even the platinum plan only pays out 70 million or so. However, I wonder if I’m alone in that I mostly take out only the basic plan for all my ships.
Now I guess that if you take part in PvP regularly then shelling out for the platinum plan is a pretty good idea. I would imagine that it’s quite rare for a heavily used ship to survive for more than 3 months without meeting blue flaming death. However, I haven’t lost a ship besides a couple of Cormorants in my first month, although I did come close a few other times.
So it doesn’t seem to make financial sense to me to take out a really expensive plan when I don’t die often, given my predilection for overtanking my ships.
Take a look at the insurance policies available for my Rattlesnake. There is a default insurance of 40%, so if I don’t pay anything at all I get back… er roughly 28 million ISK. If I go for the basic plan, for 3.5 million extra I get back 35 million, or 50% of the supposed ship value. So that 3.5 million gets me 7 million extra. it’s the same for the other plans. An additional 3.5 million ISK gives me an additional 7 million ISK in insurance payouts…. if I lose the ship.
So if I consider getting the platinum plan, I’d be out 21.2 million right off the bat. If I lose the Rattlesnake in that 3 month period, I get 70.8 million in payout which translates to a 49.6 million return. Whereas if I don’t get any insurance at all, I get back 28 million. What this means is that if my ship survives a 3 month period under the platinum plan, I’m then out 21.2 million for nothing. If it then gets blown up in the subsequent 3 month period under a platinum plan again, I actually only get a 49.6-21.2 = 28.4 million payout due to the loss in the first period, i.e. its the same result as having no insurance plan at all. If the ship survives the 2nd insurance period as well then the payments will never catch up to the non-insured scenario.
Ok, no one expects to have their ship blown out from under them, but shit happens. However, it still seems that unless you’re a really risk-loving pilot, it’s quite unlikely that you’ll lose a ship (in PvE) at least once every 3 months. So am I wrong in thinking that it’s actually better to just not buy insurance? Or is there something I’m missing?
Recently I’ve been seeing a lot more of this type of scam, which I have to admit is much more clever and I wouldn’t be surprised if many people fall for it.
I wasn’t sure if I wanted to post this since I have a suspicion, based on the search keywords that people use to arrive at my blog, that quite a few people are looking for ways to scam others. Laziness is part of human nature I guess. But anyway… this type of scam revolves around the fact that the contract interface doesn’t have a “You pay…”/”You receive…” kind of wording. It just says “Cost:” and the only way you can tell whether money is going in to your wallet or out of it is whether the text is green or red. So someone can set up an item exchange contract saying they want to buy something, but instead of the “seller” receiving money the “buyer” gets both the item and the money, with the only difference being the numbers displayed in red instead of green.
In this case, note the description says that the buyer is looking for a Raven Navy Issue, in exchange he will provide the seller with 530 million ISK plus a Raven. However, the contract is set up such that the buyer will receive the Raven Navy Issue PLUS the 530 million ISK, in exchange for a Raven. If the number appears red to you, then it means that it will cost you money. If it’s green, then you get money. A subtle distinction, and may or may not pose a problem for color-blind players.
Lastly, for a bit of humour:
It’s just a variation on the usual million/thousand scam, only I must say this guy is really really really optimistic. I don’t think there are that many people looking to buy a Raven Navy Issue that have 563.5 BILLION ISK just sitting around in their wallet. I mean if people thought the 22 billion ISK Kestrel was bad this would be 20 times worse. I also wonder what kind of broker fee he paid… trying to do the same thing with my Scorpion Navy Issue gives me a broker fee of 16.5 million ISK 🙂 Quite likely that he just lost his broker fee with nothing to show for his efforts.