I'm real shaky on the insurance thing, I just complain about the car insurance, and pay it or find cheaper. How does the premium thing work, only kicks in when I file a flightplan to an amber/red zone, or is it "You visited an amber zone once, from now on your cost is doubled?" Hmm what is the actual cash value of a used starship anyway? what would the lifespan of a starship be? AHL cruisers were still in use over a 100 years later. I don't buy resale value of a starship immediately dropping to 50% either. Age and maintenance would be factors, what else?
IMTU would be a 'wink' if they found out, long as the ship payments keep coming they don't really care since they are already covered and it's an overhead to manage that sort of relationship between player activities and the fees.
The trouble would come if the players did lose the ship, the game is rigged to reward winners and people sneaky enough to get it done without mishap, and punish losers.
An interesting question comes to mind, what happens with insurance when a ship is seized by authorities for either doing something illegal directly, or held as 'Emperor's Evidence'? I don't know, especially in the OTU.
As to lifespan of a ship, I've read constantly that there are 80-120 year old ships plying the star lanes.
I could live with that given that I can point out things like 90 year old locomotive power still in full time service, and USS Enterprise just got retired after 50+ years of service.
http://donsdepot.donrossgroup.net/dr145.htm
https://en.wikipedia.org/wiki/USS_Enterprise_(CVN-65)
Should be the exception though, the ships are built to take a pounding and be safe for decades, but not over-engineered to invulnerability or surviving misuse/combat.
IMTU there is a definite lifespan on the fission powered ships due to neutron embrittlement, the backend price for saving on all that fuel cost for the cheaper front end fuel load.
Also, G-plates on ships are a 'new' thing and so a lot of the older ships are less valuable since they are problematic or more uncomfortable. A lot of the detached Type S are older no grav plate/1-G accel designs, it takes special favor and reward to get a newer one. However, VERY IMTU and not terribly useful for an OTU solitaire game.
I'd say it's the mileage put on and how good care and maintenance has been done on the craft determines lifespan and , along with any liabilities/advantages customization has put on.
Putting on a 4-G drive on a standard hull Type S for instance would involve drilling through that engineering firewall, and/or involve putting the drives on the outside of the engineering space and possibly putting stresses on the hull it was not designed for.
Or say laying on a Model/3 computer in the cargo bay makes it a more capable craft, but less desirable due to reduced flexibility and usefulness.