After reading about the ship insurance that Star Citizen will provide I am really liking this concept. I mean read some of these quote (all from here:  http://www.robertsspaceindustries.com/insurance-faq-and-update/ )
 

A ship cannot be sold without a legitimate hull id code. Claiming on the insurance policy invalidates the hull code on your previous ship, so if it was captured or stolen the new owner will be unable to sell the ship at a regular ship dealer. Additionally if you have claimed on a policy and someone is flying the stolen ship in a well policed system, the hull id will mark it as a stolen ship, the law will be after you and landing privileges will be denied on any lawful planet. You will be able to fly a “hot” ship to the less savory parts of the Star Citizen universe, where you will probably be able to land and may be able to purchase a fake hull id code, but it will take effort and not necessarily be cheap.

This is really amazing in my mind, for all those pirates out there you can capture a ship and then get that ship (hopefully) to a salvage station or something in fringe space where you can cash out. This is great stuff. And the police knowing ship hull numbers to start attacking you when they find out your not the official owner of the ship 🙂

The lifetime insurance will follow the ship hull when it is legally sold or gifted. If the ship is stolen or otherwise captured, the policy will not transfer.

This is nice way for early adopters to make some extra cash when selling their ships to get bigger ones, the lifetime insurance is a good selling point.
 
 
 

What happens if I don’t have insurance?

Your character will have to buy a new ship with any credits he has, or if he doesn’t have enough credits fly missions for a third party (both NPC and player) until he’s earned enough to buy his own ship again.

Even if your life sucks and you have no ship to call your own you can still play the game and work to get another one. Ah Chris is thinking of everything! Not to mention you can try to even put together some sort of insurance fraud, hahah classic.