What is ticket insurance?
Ticket insurance is a type of insurance policy that allows you to recoup the costs of tickets to events in certain situations where you can’t attend the event. It protects you against financial losses if you can’t go to an event due to covered reasons.
Some common reasons ticket insurance may cover include:
- You or someone you’re traveling with gets sick or injured
- You have a death in the family
- Your home is damaged right before the event (fire, flood, storm, etc.)
- You’re called in to work or have to go on a business trip
- The event is postponed or canceled
If one of these covered situations comes up, ticket insurance lets you recoup the costs by getting a refund for the tickets. Policies and coverage can vary, but may cover the full price you paid for the tickets.
Should I buy ticket insurance?
Whether you should buy ticket insurance depends on several factors:
How much do the tickets cost?
The cost of the tickets is a big factor. If they’re expensive tickets, insurance may give you peace of mind and be worth it to avoid losing hundreds or thousands of dollars if you can’t go.
But for inexpensive tickets, the extra insurance cost may not seem worth it. You’ll want to think about whether the extra expense is justified to protect against the small financial loss of the ticket.
What’s the likelihood I won’t be able to attend?
Consider what the chances are that something could come up that would prevent you from attending the event.
If you have a stable job and health, don’t live in an area with frequent natural disasters, and have no big events coming up, the risk may be low. But if your situation is less predictable, insurance may be a good idea.
Are the events I’m buying tickets for refundable?
Many event tickets are non-refundable or have very restrictive refund policies. So if you’re forced to miss the event, you simply lose the money spent.
Insurance can protect against this to let you recoup costs. But for events with flexible refund or exchange policies, insurance is less necessary.
Does the insurer have a solid reputation?
As with any insurance, you’ll want to make sure you’re buying from a reputable company known for reliably paying out claims when appropriate. Research reviews and complaints before choosing an insurer.
What does the policy actually cover?
Be sure to read the full details of the policy to understand exactly which situations would qualify you for a refund. Policies can vary quite a bit in terms of coverage. Know what circumstances would be dealbreakers for you and make sure they’re covered.
How much does the insurance cost?
Ticket insurance often costs a fairly small percentage of the total ticket price. But the cost can still add up, especially if insuring tickets for a whole family or group. Weigh the convenience and peace of mind against the added expense.
What is the policy window?
Most policies only let you buy insurance up until a certain point after purchasing tickets, like 2-3 weeks before the event. Consider how comfortable you are locking in insurance that far out.
Pros of buying ticket insurance
Here are some of the key advantages of buying ticket insurance:
- Protects against financial losses from missed events – The main benefit is getting your money back if you can’t attend.
- Covers unforeseen circumstances – Situations like injuries, bad weather, and cancelations can be covered.
- Peace of mind – You can feel reassured that costs are covered in emergencies.
- Often inexpensive – Policies may cost less than 10% of the ticket price.
- Convenient claims process – You often just need to submit paperwork supporting why you missed the event.
Cons of buying ticket insurance
The drawbacks of ticket insurance include:
- Added cost – It’s an extra expense added onto already-pricey tickets.
- May not cover all circumstances – Pre-existing conditions, mental health issues, and “change of heart” often aren’t covered.
- Need to meet claim requirements – You must provide documentation like doctor’s notes.
- No refund for partial attendance – If you go but leave early, you typically can’t make a claim.
- Time limit to buy – You can only add insurance up until a few weeks before the event starts.
Other ways to protect ticket purchases
Besides ticket insurance, there are some other options to potentially recoup costs if you can’t attend an event:
- Credit card purchase protections – Some credit cards provide refunds in certain situations like trip cancellations.
- Rework tickets – See if the event or reseller allows exchanging tickets for another show.
- Resell tickets – Use a ticket resale marketplace to try to sell your tickets.
- Refundable tickets – Only buy from venues and events with refundable ticket policies.
Who should buy ticket insurance?
Here are some examples of cases where ticket insurance may make the most sense:
- You have health issues that may flare up or cause last minute cancellations.
- You bought very expensive tickets that would cause financial hardship to replace.
- You live in an area with frequent severe weather right before or during the event.
- You have upcoming life events like pregnancy that might interfere with attendance.
- You have a job with unpredictable work demands and on-call responsibilities.
In general, the more unpredictable your situation, the more value there is in insuring tickets against cancellations.
Who may not need ticket insurance?
Here are cases where ticket insurance is potentially less necessary:
- You have very stable health and limited risk factors.
- The tickets weren’t expensive and would be affordable to re-purchase.
- You don’t live or work in an environment prone to emergencies.
- The event is local so weather and distance are not concerns.
- You have upcoming events already insured like a wedding or vacation.
If your plans are unlikely to change or tickets would be easy to re-buy, insurance may not offer enough benefit to justify the cost.
Conclusion
Ticket insurance provides valuable financial protection against missing events due to covered unforeseen circumstances. It makes the most sense for expensive, non-refundable tickets and high-risk situations. But the extra cost may not be worthwhile for inexpensive, local events or stable lifestyles. Consider your specific factors like health, job, lifestyle, and type of event when deciding if peace of mind is worth the added expense of ticket insurance.
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Should you buy ticket insurance?
The decision depends on:
- Ticket cost – More worthwhile for expensive tickets
- Risk factors – Consider health, work, and life unpredictability
- Policy details – Ensure it covers situations that would make you miss the event
- Insurer reputation – Pick a well-reviewed, reliable insurance company
- Added expense – Weigh the extra cost versus peace of mind
For costly events and higher risk lifestyles, the benefit often outweighs the cost. But insurance may be unnecessary for inexpensive, local events or stable situations with low likelihoods of last-minute cancellations. Consider your specific scenario when choosing whether to add ticket insurance.