Well, apparently I lost not only my ship but also my life to a bunch of pirates in low-security space. Needles to say, I was completely surrounded by ships that are as powerful as mine and they were all launching a barage of nearly 10 missiles every time they fired. I tried to escape by warping out, but for some reason the nearby stargate was surrounded by this wierd bubble that kept me from warping out. As a result, not only did I lose my ship [ a cruiser armed to the teeth with defenses, missiles and howitzers], but I was also pod killed.
Thankfully, EVE introduced this concept of "jump clones". Whenever you die, your thoughts and memories are automatically transfered to a clone of yourself that waits in a stasis chamber in one of the stations in hi-sec space.
here is another bright side for me. My old Cruiser had premium insurance. So, not only did I already have almost half a million ISK on hand, I also got compensated over 3 million ISK for the loss of my ship. This allowed me to buy an even better Gallente Cruiser called "The Vexor".

How strange. The only way to get your hands on a better ship is to loss one in battle.
