I just won some chips in an e-bay auction.

In the write-up, the seller offered insurance for the cost of an additional $5.00.

The item only cost $50. Insurance would cost $1.50 on that value item.

I requested to have him mail the item with insurance and that I would pay for the cost of insurance. He denied my request.

How much should I be paying for insurance? His 300+% mark-up, or the actual value

Should he deny my request to ship the item I purchased with insurance if I am willing to pay for it?

I am unsure as to how I should proceed and would appreciate some constructive suggestions.

Thanks...Jim