I know this has been asked many times before but:
What do I get if I purchase it now? The website seems to indicate that there's multiplayer and singleplayer squadron 42 stuff.
Does that mean the multiplayer bit is me in my spaceship, bimbling around trying not to annoy anyone? Docking and trading is in the game?
If I die or break my ship do I lose it?
1. What you get is the opportunity to download a huge client 30GB+ and trouble shoot modules which will hopefully be part of the main game if/when it's released.
2. It's not a game. Let's make that clear now, it's FUN in groups but not something I'd recommend. It's split into several areas just now.
Crusader - Small solar system which you can explore but there's not an enormous amount to do bare a couple of missions and stuff you decide to do on your own, like dodging asteroids and visiting a handful of locations. It is multiplayer though so if you have a couple of friends you can crew a ship (pilot, gunner etc)
Arena commander - single or multiplayer modes like fighting AI, PVP, racing, free flight in different arenas
Arccorp - explore the test planetside town module.
Star Marine - FPS module for testing the pew pew mode mechanics.
3. Insurance currently doesn't matter, if your ship blows up you need to wait a little while to get it back, or alternatively steal someone elses or crew their ship etc. Or stow away on it and kill them mid flight..
Version 3.0 is coming in 4-6 weeks, or there abouts. Honestly suggest holding off until that's here as it changes quite a bit.
If you want to keep up to date BoredGamer is a good source, he trims the fat so you don't have to wade through tons of videos etc.
https://www.youtube.com/watch?v=Evyl3h5hxC4