Early on in playing Eve, and maybe even in the tutorial, a player is told to buy insurance. A good thing for a cash-strapped newb, but not so much of a big deal now that I am more flush with cash. I never worried much about insurance as 9 times out of 10, I usually lose my boats AFTER the policy has expired, and as I am allergic to checking my mail, I usually miss the mail notices that my insurance has expired. I'll maybe go do some experimenting with insurance costs on cheaper boats, but something made me stop buying insurance at all, a little while ago, and I forgot what it was until I recently had to replace my Incursion-expired N Geddon. "Ah haaa, she cried!", as I insured my replacement, NOW I remember why!
After I built up my new Incursion geddoG, I decided to insure it. Last one I built, I thought I insured it, but probably didn't. Likely forgot. No problem. I don't undock anything I can't afford to lose, and if there's something I can't afford to lose, I don't buy it in the first place. So, enough philosophy . . . the numbers.
After I lost the BS, I got a handy email from Concord, I think, telling me that they gave me 17.7 million bucks for my Geddon. Cool. It's "insurance for people that don't have insurance" insurance. As I said, I insured the new boat, and it cost me over 17 million to insure it for about 41 million - max insurance available. Not a whole lot of security for a faction BS, and I'll have to check and see if that is the max insurance for a T1 BS too. So, in theory, if I lose my BS before the policy expires, I make 24 million back, net. If I don't lose the boat before the insurance expires, I either spend another 17 million, or don't renew the policy. If I spend ANOTHER 17 million, now I'll only get an extra 7 million back (40-17 = 24-17 = 7). So, if I compare the un-insurance insurance (which cost me nothing) to the "extra" 24 million I'd get back if I bought an insurance policy, the difference is only about 6 million extra. Not much considering the hundreds of millions lost due to the cost of the boat in the first place. Also, if I manage to hang onto the boat long enough for the insurance to run out, I'm only "up" about an extra half a million. 6 million isn't even one Vanguard, and only about 30 minutes of mining. Not a lot of effort.
Now, when it comes to Eve, it's all about isk/hour and any "free" isk is good isk. So, on one hand, 6 million isn't much, but on the other hand, especially with an Incursion boat, the likelihood is higher that I will lose the boat at some point, so that 6 million extra might actually be 24 million extra. I fitted out a couple Myrmidons for the alts, and they were about 30 million each. I'll see how much I can get back with a maxxed insurance policy. Same with the smaller boats and Hulks.
The Point? I need to confirm that insurance is worth the money I pay. It probably is, otherwise it wouldn't be an option in the first place. I just need to confirm that.