Concert Ticket Insurance: Protecting Your Entertainment Experience

With concert tickets often costing hundreds of dollars, it's important to consider what options are available if you can no longer attend. Event ticket insurance can protect your investment by reimbursing you for 100% of the ticket price, taxes, fees and shipping charges if you can't make it due to a covered reason. Covered reasons vary by provider but can include illness, job loss, travel delays, military/family/legal obligations, and more. Some ticket insurance options are available through specific ticket vendors, while others are offered by travel insurance providers, which may be a better option if you're travelling some distance to the event venue.

Peace of mind

When it comes to live events, there are many reasons why you might not be able to attend, from illness to travel delays and accidents. With concert tickets often costing a pretty penny, it can be a big relief to know that your money won't be wasted if you can't make it. This is where insurance comes in, providing peace of mind that you won't lose out financially.

Event ticket insurance offers protection for your entertainment investments, covering a range of circumstances such as covered illnesses, accidents, job loss, and more. This means that if you're unable to attend due to unforeseen events, you can get a full or partial refund of the ticket price, taxes, fees, and even related expenses like parking. This can be especially valuable for high-demand events where tickets are expensive and often bought well in advance.

For example, if you've purchased tickets to see your favourite band but fall ill the day of the concert, event ticket protection will ensure you're not out of pocket. Similarly, if there's a traffic accident on the way to the venue or your flight is delayed, causing you to miss the show, insurance can safeguard your expenses. This protection can be particularly important for those travelling long distances to attend an event, as it provides reassurance that any unforeseen issues won't result in financial loss.

Additionally, some insurance plans offer more than just financial reimbursement. For instance, the Event Ticket Protector provides access to 24/7 multilingual customer service, ensuring that customers can receive assistance at any time, regardless of their location or time zone. This added benefit further enhances the peace of mind that insurance provides.

By purchasing event ticket insurance, you're not just buying a financial safeguard; you're investing in the assurance that you won't miss out on the full experience, even if things don't go according to plan. This peace of mind is invaluable for music lovers and concert-goers, allowing them to focus on enjoying the event without the worry of potential financial loss hanging over their heads.

Refund for unforeseen circumstances

Ticket insurance is a way to protect the investment fans make in seeing their favourite artists live. It provides peace of mind in the case that sickness, delayed flights, and other factors impact your ability to get to and attend an event. With ticket insurance, if you can't attend an event for a number of covered reasons, you'll get a refund of the ticket price, taxes, convenience fees, shipping charges, and other eligible event-related items, such as parking.

However, it's important to note that ticket insurance usually requires specific circumstances and paperwork to receive a refund. For example, in the case of illness, you may need a doctor's note, and for a work emergency, you may need a signed letter from your employer explaining why you can't attend. It's also important to read the terms and understand the limits of your coverage before purchasing ticket insurance, as the coverage is typically narrow and may not apply to all situations.

If your event has been rescheduled and you plan to attend on the new date, you can usually update your insurance plan to cover the new date within a certain timeframe, such as 770 days of your original purchase. On the other hand, if your event has been cancelled or you cannot make the rescheduled date, you can typically cancel your insurance plan and receive a full refund of the plan's cost.

While ticket insurance can provide peace of mind and protect your investment, it's essential to carefully consider the terms and conditions before purchasing. There may be alternative options, such as reselling your tickets or giving them to a friend, but these come with their own uncertainties and may not recoup the full value of your purchase. Ultimately, the decision to purchase ticket insurance depends on your individual needs and preferences.

Cost of insurance vs. ticket price

Concert tickets can be expensive, with tickets for big-name artists like Taylor Swift and Beyoncé ranging from $50 to $1000 or more. With such high-dollar investments, fans are often attracted to ticket insurance, which provides peace of mind in case they are unable to attend the event. Ticket insurance typically costs a small percentage of the ticket price, usually around 10%, which can add a significant amount to the overall cost. For example, a $100 ticket with 10% insurance would cost $110.

Ticket insurance offers a refund for your purchase if you are unable to attend the event for covered reasons, which may include serious unforeseen illness, travel accidents, issues with your home or business, airline delays, or termination of employment. While this can be valuable protection, it's important to carefully review the policy's terms and conditions, as there may be exclusions and limitations that affect your coverage. Some policies may not cover ticket purchases if the event is cancelled or delayed by the venue or promoter.

Before purchasing ticket insurance, it's recommended to check your existing insurance policies, such as travel insurance, as they may already provide coverage for event ticket cancellation due to travel-related complications. Additionally, certain credit cards offer exclusive event benefits, like pre-sales to concerts and sports games, which can help offset the cost of ticket insurance.

The decision to purchase ticket insurance depends on several factors, including the cost of the ticket, the likelihood of needing to cancel, and the availability of alternative options. If you have expensive tickets and want the peace of mind that your investment is protected, ticket insurance may be a worthwhile consideration. However, if the additional cost of insurance is a significant proportion of the ticket price, and you have other avenues for recouping your costs, such as reselling the tickets, then the insurance may not be a necessary expense.

Ultimately, the cost of insurance versus the ticket price is a personal decision that depends on individual circumstances and preferences. While ticket insurance can provide valuable protection, it's important to weigh the potential benefits against the additional cost to determine if it aligns with your budget and risk tolerance.

Artist/venue cancellation

Artists and their teams often purchase cancellation insurance policies ahead of major tours to protect themselves from financial losses in case the tour is cancelled. These policies are typically "all-risk" policies, meaning they cover cancellations for any reason that is not expressly excluded. Medical reasons and family emergencies are usually covered, but cancellations due to low ticket sales are not. Insurance typically covers between 75% and 80% of the guaranteed fee that the promoter was paying the artist.

For example, when blues musician Joe Bonamassa's 2020 tour was cancelled due to COVID, he received $4.4 million in insurance money because he had the exclusion for "communicable disease" removed from his contract. This payout was based on his estimated revenue. In another instance, The Black Keys cancelled their North American tour and offered fans a more "intimate experience" instead of performing in arenas. Days later, Jennifer Lopez also cancelled her tour, citing the need to spend time with her family and friends.

When a show is cancelled, artists and promoters often promise fans an automatic refund. However, this can result in significant losses for venues, with a Wall Street Journal report estimating that a sudden cancellation could cost an arena $500,000 in revenue, while a cancelled stadium show could cost $1 million or more.

While event ticket insurance can provide peace of mind for attendees, it typically does not cover cancellations by the venue or promoter. In such cases, the best chance of obtaining a refund is if the promoter or venue voluntarily issues refunds. Therefore, it is important for ticket holders to carefully review the terms of their insurance policies, as certain situations, such as illness, may be defined differently than expected.

Overlapping insurance policies

When considering purchasing insurance for concert tickets, it is important to be aware of any overlapping insurance policies. Ticket insurance, also known as event ticket insurance, is offered by companies such as Allianz Global Assistance, often in partnership with ticket sellers like Ticketmaster. This type of insurance provides peace of mind and reimburses your ticket purchase if you cannot attend the concert due to covered reasons, such as unforeseen illness, travel complications, or issues with your home or business.

However, before purchasing ticket insurance, it is recommended to review your existing insurance policies and credit card benefits to identify any overlapping coverage. For example, some travel insurance policies may already cover the costs of an event that you are unable to attend due to travel-related issues. Similarly, certain credit cards offer exclusive event benefits, such as early access to ticket sales, special perks at venues, and the ability to upgrade experiences using reward programmes. By examining these alternative sources of coverage, you can avoid paying for redundant insurance and make a more informed decision about whether ticket insurance is necessary for your specific circumstances.

In addition to insurance considerations, it is worth noting that ticket resale is also an option if you are unable to attend a concert. Online marketplaces like StubHub, TicketNetwork, and VividSeats.com provide platforms for reselling tickets, although there is no guarantee of finding a buyer, and you may not recoup the full face value of the tickets. Nonetheless, by exploring these alternatives, you can make a well-rounded assessment of the risks and options associated with purchasing concert tickets, ensuring that you make the most suitable choice for your needs.

Ultimately, the decision to purchase ticket insurance depends on various factors, including the cost of the tickets, the likelihood of unforeseen circumstances, and the presence of overlapping coverage in your existing insurance policies and credit card benefits. By carefully evaluating these factors, you can make an informed choice that balances the potential benefits of insurance with the desire to avoid unnecessary costs.

Frequently asked questions