Insuring Concert Tickets: Is It Worth The Cost?

With concert tickets becoming increasingly expensive, many people are now considering insuring their tickets to protect their investment. Ticket insurance is a type of protection that reimburses your ticket purchase if you can't attend the event for covered, unexpected reasons. This includes unforeseen illnesses, traffic accidents, issues with your home or business, airline delays, and even termination of employment. The cost of ticket insurance is typically a small percentage of the ticket price, and it can be purchased as an add-on from companies like Ticketmaster. However, before purchasing ticket insurance, it is important to understand the terms and conditions and check if you already have coverage under other insurance policies or credit card benefits.

Pros and cons of insuring concert tickets

Insuring concert tickets can be a smart move, especially given how expensive concert tickets can be. For example, tickets for Swift's Eras Tour ran from $50 to $900 at face value, and tickets for Beyoncé's Renaissance tour ranged from $60 to a whopping $1,000. With such high-value purchases, ticket insurance can provide peace of mind and protect your investment.

Pros:

• Financial protection: Ticket insurance can reimburse your ticket purchase if you can't attend the concert due to covered, unexpected reasons. This could include travel-related complications, illness, or other unforeseen circumstances.
• Peace of mind: With ticket insurance, you won't have to worry about losing money if you can't make it to the concert. This can be especially valuable if you've purchased expensive tickets or are travelling a long distance to attend the event.
• Easy add-on: Ticket insurance is typically offered as an add-on when purchasing tickets, making it convenient to opt for protection at the time of checkout.

Cons:

• Additional cost: Insuring concert tickets adds an extra cost to your purchase. This can be a significant consideration, especially when tickets already tend to be expensive.
• Limited reimbursement: While ticket insurance can provide reimbursement, it's important to note that you may not get back the full amount you invested in the tickets. There may also be strict requirements and exclusions that apply to the coverage.
• Potential for disputes: In some cases, disputes may arise if you feel you are not adequately compensated or if there is ambiguity in the terms and conditions. Pursuing these disputes can be challenging and financially burdensome.

Ultimately, the decision to insure concert tickets depends on your individual circumstances and risk tolerance. While ticket insurance can offer financial protection and peace of mind, it also comes with additional costs and potential limitations. It is essential to carefully review the terms and conditions of any insurance policy before purchasing it to ensure you understand the coverage and any exclusions. Additionally, checking your existing insurance policies and credit card benefits can help identify if you already have coverage for event tickets, making additional insurance redundant.

How to insure concert tickets

Insuring your concert tickets can provide peace of mind and protect your investment in the case of unforeseen circumstances. Ticket insurance is a type of protection that reimburses your ticket purchase if you can't attend the event for covered, unexpected reasons. It is usually offered as an add-on during the ticket-buying process and costs around 10% of the ticket price.

Before purchasing ticket insurance, it is important to understand the terms and conditions of the policy, including any exclusions. Some common reasons for ticket cancellation that are covered by insurance include serious unforeseen illness, traffic accidents, issues with your home or business, airline delays, and termination of employment. However, it's important to note that the insurance may not cover the event being cancelled or delayed by the venue or promoter.

To insure your concert tickets, you can look into the following options:

• Check your existing insurance policies: Review your travel insurance, health insurance, or credit card benefits to see if they offer any coverage for event tickets. Some travel insurance policies, for example, may cover the cost of an event you can't attend due to travel-related complications.
• Purchase ticket insurance: When buying concert tickets, look for the option to add event ticket insurance during checkout. Ticketmaster, for example, offers Event Ticket Protector insurance in partnership with Allianz Global Assistance. This insurance provides coverage for a range of unforeseen circumstances and gives you access to their 24-hour assistance hotline.
• Consider third-party insurance providers: In addition to the insurance offered by the ticket seller, you can explore other insurance companies that offer event ticket insurance. Allianz Global Assistance, for instance, specializes in this type of coverage and may provide more comprehensive plans.

By considering your needs, understanding the terms and conditions, and exploring the available options, you can make an informed decision about insuring your concert tickets.

Reasons for insuring concert tickets

Concert tickets can be very expensive, with tickets for big-name artists like Beyoncé and Taylor Swift costing anywhere from $50 to $1,000. With such a high price tag, it's no wonder that many people consider insuring their concert tickets. Here are some reasons why you might want to insure your concert tickets:

Financial Protection

The primary reason for insuring concert tickets is to protect your financial investment. Ticket insurance provides a refund for your purchase if you can't attend the event due to unforeseen circumstances, such as illness, travel delays, or issues with your home or business. This gives you peace of mind knowing that you won't lose money if something unexpected happens.

Convenience

Ticket insurance can save you the hassle of reselling your tickets if you can't make it to the concert. Reselling tickets can be uncertain, and you may not recoup the face value. With ticket insurance, you don't have to worry about finding a buyer or dealing with online ticket marketplaces.

Coverage for Unexpected Events

Life is unpredictable, and ticket insurance provides coverage for a range of unforeseen events. For example, if you're travelling to the concert and experience airline delays or traffic accidents, your ticket insurance will have you covered. This includes situations beyond your control, such as medical emergencies or issues with your home.

Protection Against Event Cancellations

In the event of the artist or venue cancelling a show, ticket insurance ensures that you will receive a refund. This was especially relevant during the COVID-19 pandemic, when many events were cancelled or rescheduled. With ticket insurance, you can rest assured that your purchase is protected even in such uncertain times.

Additional Benefits

Some ticket insurance providers, like Allianz Global Assistance, offer 24-hour assistance hotlines. These hotlines provide multilingual support for medical, legal, or travel-related emergencies. This added layer of assistance can be invaluable when facing unexpected situations surrounding your concert attendance.

What happens if you don't insure your concert tickets

If you don't insure your concert tickets, you risk losing the money you spent on them if you are unable to attend the event. This could be due to a variety of unforeseen circumstances, such as illness, travel delays, or accidents. Without insurance, you would not be reimbursed for the cost of the tickets, which can often be expensive, especially for big-name artists.

While ticket insurance is not mandatory, it can provide peace of mind and financial protection in case of unexpected events. It is important to note that ticket insurance typically covers specific unforeseen circumstances, and simply changing your mind about attending is not a valid reason for a claim. Therefore, it is crucial to read and understand the terms and conditions of the insurance policy before purchasing.

In the event that you are unable to attend a concert due to unforeseen circumstances, you may need to provide documentation and go through a claims process to receive a refund. This can be a hassle, but it is a necessary step to protect yourself from financial loss. Without insurance, you would bear the full cost of the tickets, which could be a significant financial loss, especially if you have purchased multiple tickets or VIP passes.

Additionally, if you are travelling a long distance to attend a concert, travel insurance can provide additional protection. Travel insurance may cover the cost of event tickets if your trip is cancelled or interrupted due to covered reasons. This can provide further peace of mind, especially if you are investing a significant amount of money in your trip and concert tickets.

Overall, while insuring concert tickets is not mandatory, it can offer financial protection and peace of mind in case of unforeseen circumstances. By understanding the terms and conditions of the insurance policy, you can make an informed decision about whether or not to insure your concert tickets, weighing the potential benefits against the additional cost of the insurance.

Alternatives to insuring concert tickets

If you are hesitant about purchasing ticket insurance, there are several alternatives to consider. Firstly, you can review your existing insurance policies, such as travel insurance or credit card benefits, to check for overlapping coverage. Some travel insurance policies may cover the cost of event tickets if you are unable to attend due to travel-related issues. Additionally, certain credit cards offer exclusive event perks, like pre-sales to concerts and sports games, early access to tickets, and the ability to upgrade experiences using reward points or miles.

Another alternative is to purchase tickets directly from the venue's box office instead of using a third-party ticketing website. Buying tickets in person from the box office can sometimes be cheaper and help you avoid additional fees and charges that may be incurred when purchasing online. However, this option may not be feasible if you anticipate the show selling out quickly, as it requires you to physically go to the venue.

If you are unable to attend an event, you can also consider reselling your tickets on online marketplaces such as StubHub, TicketNetwork, or VividSeats.com. These platforms allow you to set your own prices, but there is no guarantee that your tickets will sell, especially if the demand for the event is low. Additionally, you may not recoup the full face value of the tickets, and it is important to exercise caution when using these platforms to protect your personal information and avoid potential scams.

Lastly, if you know someone who shares your taste in concerts and events, you can give your tickets to them if you are unable to attend. This option depends on their availability and willingness to attend the event, but it can be a way to ensure that your tickets don't go to waste.

Frequently asked questions