With concert tickets often costing hundreds of dollars these days, it can be tempting to purchase ticket insurance to protect your investment in case you can’t attend the show. But is buying insurance on concert tickets really worth the extra cost? Here’s what you need to know.
What does ticket insurance cover?
Ticket insurance, offered by third party companies like Allianz Global Assistance, will reimburse you for the price of the ticket (minus any fees) if you can’t attend the event due to a covered reason. These reasons generally include:
- Illness, injury, or death of you or a family member
- Severe weather events
- Jury duty or court appearances
- Military deployment
- Theft of tickets
- Travel delays or cancellations
Insurance will also cover you if the event is cancelled and refunds aren’t available. Some policies allow you to transfer the ticket to someone else if needed.
What does ticket insurance NOT cover?
It’s important to read the fine print, as ticket insurance does not cover everything. Here are some things that likely won’t be reimbursed:
- Changing your mind about attending
- Forgetting about the event
- Not being able to get time off work
- Transportation issues getting to the venue
- Pre-existing medical conditions
Insurance also won’t reimburse you if the main performer or act still attends. So if the opening act cancels but the headliner performs, you won’t get your money back.
How much does ticket insurance cost?
Insurance prices vary by company, but expect to pay between 5-12% of the base ticket price. So a $100 ticket would cost $5-12 more to insure. The price usually depends on:
- The face value of the ticket
- The number of days between purchase and event
- The event type (sporting event vs concert)
There are also service fees factored into the price. Overall, you can expect to pay an extra $10-20 per ticket to add insurance.
When should you buy ticket insurance?
Here are some instances when purchasing insurance could give you peace of mind:
- You have health issues that make your attendance uncertain
- You are traveling a long distance for the event
- The event is many months away, increasing chances of a conflict
- You paid far above face value for sold out or resale tickets
- The tickets were a non-refundable gift for someone else
- You are concerned about extreme weather in the area
The further in advance you buy insurance, the better coverage you will have for unforeseen events. Last minute policies usually don’t cover pre-existing conditions.
When is ticket insurance not worth it?
Here are some cases where you may want to skip the ticket insurance:
- The ticket was inexpensive (under $50)
- You are buying tickets for a group and don’t want to insure everyone
- The event is very soon, so pre-existing conditions are excluded
- You have a flexible job and schedule
- You have back-up transportation options to get to the venue
- The event is local and easy to attend
You’ll also want to weigh the cost versus benefit. The premiums add up quickly if insuring multiple tickets or family members. Paying an extra $100 in insurance to protect $500 in tickets may not be worth the added expense.
Are there alternatives to ticket insurance?
If you want to self-insure against losing your tickets, consider these options:
- Use a credit card – Many cards include protections that will refund your purchase if you can’t attend the event.
- Buy from the venue – There may be a refund or exchange policy in place if you buy directly from the official source.
- Look for refundable options – Some tickets are sold as refundable for a higher price.
- Sell unwanted tickets – Popular shows often have high resale values if you need to recoup costs.
Pros of buying concert ticket insurance
- Reimburses you for the ticket price if you can’t attend for a covered reason
- Protects against event cancellations and non-refundable tickets
- Allows you to transfer tickets to someone else
- Provides peace of mind for expensive purchases
- Covers unforeseen events like sickness, injuries, or travel issues
Cons of buying concert ticket insurance
- Adds extra fees and cost to tickets
- May not cover all reasons you can’t attend
- Reimbursement can take time and paperwork
- Pre-existing conditions often aren’t included
- Won’t cover changes of heart or scheduling conflicts
The bottom line
Here are some final tips on when to consider ticket insurance:
- Insure expensive tickets for peace of mind
- Buy policies for gifts, important events, or trips
- Read the details to understand exactly what is covered
- Shop around for the best price and coverage
- Consider self-insuring for inexpensive local events
While ticket insurance provides protection against lost costs, it isn’t always worth paying the extra fees, especially for low-cost events. Evaluate your specific situation, risk factors, and insurance costs to decide if peace of mind is worth the added expense.
With expensive tickets or high uncertainty, insurance can be a lifesaver if you need to cancel. But for routine events, self-insuring by reselling or exchanging tickets may be sufficient without paying more premiums. Carefully weigh the pros and cons before making a decision.
Frequently Asked Questions
What percentage of the ticket price does insurance usually cost?
Ticket insurance usually costs between 5-12% of the base ticket price. So a $100 ticket would cost an additional $5-12 to insure.
When should you buy ticket insurance?
It’s smart to buy ticket insurance if the tickets are expensive, you are traveling to the event, health issues make your attendance uncertain, or the event is far in the future. The earlier you insure tickets, the better coverage you will have.
Does ticket insurance cover cancellations for any reason?
No, ticket insurance will only reimburse you if you can’t attend for a covered reason like illness, weather, or other unforeseen event. Changes of heart, scheduling conflicts, and forgetting about the event are usually not covered.
Can you get a refund with ticket insurance if the main performer cancels?
Yes, if the main advertised performer or act cancels entirely and the show is not rescheduled, ticket insurance will refund you even if the opening acts still play. But if the headliner goes on, you likely won’t get a refund.
Does ticket insurance cover the fees paid?
Most ticket insurance only covers the base price of the ticket, not any additional service, processing, or delivery fees. Those costs would not be refunded by an insurance claim.
Is ticket insurance refundable if you change your mind?
No, ticket insurance is non-refundable in most cases. If you change your mind about attending the event or don’t end up needing the insurance, you will not get the premiums back. The policy only pays out if you can’t go for a specific covered reason.
How long does it take to get a refund from ticket insurance?
You should allow 2-3 weeks after submitting a claim to receive your ticket refund from the insurance company. You will need to provide documentation like a doctor’s note to show why you couldn’t attend the event.
Is ticket insurance worth it for cheap tickets?
For inexpensive tickets under $50, ticket insurance is often not worth the extra cost. The premiums can be nearly the same as the ticket price. For expensive tickets, insurance is more worthwhile to protect your investment.
Key Takeaways
- Ticket insurance provides reimbursement if you can’t attend an event for specific covered reasons like illness or travel issues.
- Policies typically cost 5-12% of the base ticket price.
- Insurance is most valuable for expensive tickets and uncertain situations.
- It may not be worth it for inexpensive local events or excluded conditions.
- Compare costs and coverage to determine if peace of mind is worth the added expense.
While buying insurance can seem attractive, carefully weigh the pros and cons first. Self-insuring through refundable tickets, resales, or credit card protections may be sufficient in many cases. But for costly events with high uncertainty, insurance can provide valuable financial protection if you’re unable to go.
Conclusion
Ticket insurance provides a safety net for concert goers to get reimbursed if plans change unexpectedly. While the extra cost can seem unnecessary for routine events, insurance can give peace of mind for expensive, uncertain situations. Compare your risk factors, policy coverage, and premium costs to decide if the benefit outweighs the fees. With smart evaluation, you can determine when insurance is truly worth paying extra for – and when you’re better off self-insuring instead.