Ticket insurance can provide valuable protection against unexpected circumstances that may prevent you from attending an event. One key aspect of ticket insurance policies is the review period – the window of time you have to read over your policy and make sure it meets your needs before finalizing your purchase. So how long do you actually have to review ticket insurance before deciding whether to keep it or cancel? Let’s take a closer look.
What is the Review Period?
The review period, also known as the “free look” or “right to examine” period, is a set amount of time after purchasing an insurance policy that allows you to review your policy documents and cancel the insurance for a full refund if you decide it does not suit your needs. This important consumer protection gives you the chance to thoroughly read through the fine print of your policy and understand exactly what is and is not covered.
The length of the review period can vary by state and insurance company, but is often between 10 to 30 days from when you receive your policy paperwork. It gives you time to confirm things like the coverage details, exclusions, claim procedures, and other policy provisions before the coverage officially takes effect.
How Long is the Review Period for Ticket Insurance Specifically?
For ticket insurance policies, the review period also tends to fall in the range of 10 to 30 days, depending on your state and chosen insurer. Some examples include:
- Allianz Global Assistance – 30 days
- TravelInsurance.com – 10 days
- TicketGuardian – 15 days
- AXA Assistance – 15 days
So if you purchased a TicketGuardian policy on January 1st, you would have until January 16th to review your full policy documentation and cancel for a full refund if needed. Policy timelines will vary, so be sure to double check the review period with your individual insurer.
When Does the Review Period Start?
The review period clock starts ticking as soon as you receive your full policy documents, not when you initially purchase the insurance. This is because you need time to read through all the details before the policy takes effect.
Insurance companies will generally send policy documents and other paperwork either via email or physical mail. So the review period start day will depend on which delivery method is used:
- Email – The review period starts the day the email is sent.
- Physical mail – The review period starts when the paperwork is postmarked or 3-5 business days after online purchase.
Make note of when you receive the emailed documents or physical mailbox delivery to know your review deadline. Act quickly to read through everything within the review window.
What Happens After the Review Period?
Once the review period ends, your ticket insurance policy and coverage will take effect. Some things to be aware of:
- You will no longer be eligible for a full refund except within your state’s policy cancellation guidelines.
- Filing a claim will now be based on the policy terms, coverage amounts, and exclusions.
- Making changes to the policy, like adjusting coverage amounts, may have restrictions or fees.
Essentially, once the review period passes, you are agreeing to the policy as-is and can no longer cancel for a full refund. The insurer will begin providing coverage according to the policy details.
How to Cancel During the Review Period
If you decide the ticket insurance policy does not provide the coverage you expected or need, you can cancel within the review period for a full premium refund. Here’s how:
- Contact the insurance company before the review period ends and request to cancel. Most insurers allow cancellation requests by phone, email, or physical mail.
- You may need to fill out and submit a cancellation form or written request if canceling by email or mail.
- Retain confirmation of your cancellation request if not done in writing.
- The insurer will cancel the policy and issue a full premium refund by reversing the original charge.
- Cancellation and refund timing varies by insurer, but is often processed within 10-20 days.
Acting quickly gives you the best chance of cancellation and refund before the review period expires.
Reasons to Cancel Ticket Insurance
There are a few common reasons you may want to cancel a ticket insurance policy within the review period, including:
- The policy exclusions or coverage limitations make the protection unnecessary or not as robust as you thought.
- You decide the policy premium costs more than the amount of protection and peace of mind provided.
- You find another insurer offering better rates or more suitable coverage.
- You no longer need the insurance due to changing plans or event cancellation.
Regardless of the reason, taking advantage of the review period to re-evaluate and make sure the policy fits your needs is worthwhile.
Is the Review Period the Same as the Waiting Period?
The insurance review period is different than the waiting period you’ll find on some ticket insurance plans. The waiting period sets the amount of time after purchase that must pass before you can file a claim. It is designed to protect the insurer from immediate claims.
For example, a policy with a 14 day waiting period means you could not file a claim due to a covered reason until 14 days after buying the policy. This prevents people from purchasing insurance only once an event cancellation seems imminent.
Waiting periods are separate from and go beyond the review period. Make sure you understand any waiting periods as well when considering policy terms.
Tips for Reviewing Your Ticket Insurance Policy
Here are some tips for making the most of your ticket insurance review period:
- Carefully read all policy documents sent by the insurer.
- Check the coverage details and amounts purchased.
- Note all exclusions that apply.
- Understand the claims process you will need to follow.
- Make sure the premium cost seems fair.
- Consider whether the insurer has good customer service and ratings.
- Determine if the policy meets your needs or if you need to cancel within the review period.
Taking the time upfront to thoroughly review the policy can help prevent unpleasant surprises later on if you need to file a claim. If the terms don’t align with your expectations or needs, cancelling within the review period is simple and provides a complete refund.
Frequently Asked Questions
How do I know when my review period starts and ends?
The review period start day is based on when you receive the full policy documents from the insurer – either the email send date or postal mail postmark date. The review period end day can vary by insurer but is generally 10, 15, or 30 days later. Check your policy paperwork for specifics.
What if I miss the review period deadline?
If you inadvertently let the review period end without cancelling, the policy will take effect as finalized. You can still choose to cancel after the review period but will not get a full refund. Always aim to complete your review in time so you can cancel penalty-free if desired.
Can I make changes to my policy in the review period?
You can request changes like adjusting coverage amounts during the review period, and the insurer may accommodate them. But it depends on each company’s rules. Some may treat changes the same as cancellation and require starting over with a new policy purchase.
How long after cancellation will I get my premium refund?
Timing varies by insurer but is often 10-20 business days after cancellation for the refund to process. Some may refund within just a few days. If you paid via credit card, the money will generally go back to the same card.
Can I buy insurance right before an event and cancel after?
No, insurers protect against this by having waiting periods before claims can be filed. You cannot purchase ticket insurance at the last minute and cancel after the event takes place. There must be a gap between purchase and event date.
The Bottom Line
Review periods for ticket insurance generally range from 10-30 days from receiving your policy documents. This consumer protection window gives you adequate time to review all details before the policy takes effect. Be sure to fully understand the terms, exclusions, and costs within the review period. If the insurance does not align with your needs or expectations, you can cancel penalty-free for a full premium refund before the review period expires. Taking advantage of this policy review window helps ensure your ticket insurance purchase provides the protection you want.
