Purchasing insurance for a concert ticket may seem unnecessary, but there are some important factors to consider. Ticket insurance can protect you financially if you are unable to attend the event due to unforeseen circumstances. In this article, we will examine the pros and cons of buying insurance for concert tickets and help you determine if it is worth the extra cost.
What does ticket insurance cover?
Ticket insurance policies vary, but most cover you if you are unable to attend the concert for a covered reason. Common reasons include:
- Illness or injury: If you or someone traveling with you falls ill or is injured before the event.
- Weather issues: Severe weather like a hurricane or snowstorm that prevents you from traveling to the concert venue.
- Schedule conflicts: If you are called in to work or have a family emergency that causes you to miss the concert.
- Event cancellation: If the concert is cancelled and not rescheduled.
Some policies may also cover you if you simply change your mind and decide not to go. Each policy has specific exclusions, so read the fine print carefully. For example, pre-existing medical conditions are often excluded from coverage.
What does ticket insurance NOT cover?
There are limitations on what ticket insurance covers. Some common exclusions include:
- Border closures, visa rejection, lack of passport/ID
- Bankruptcy of performers, producers or promoters
- Pre-existing conditions and pregnancies
- Missed travel connections due to plane delays or getting lost
- Forgetting about the event, missing the entry time, or getting the date wrong
- Failure of musicians, actors or entertainers to appear due to illness or contract disputes (unless the entire event is cancelled)
Essentially, you won’t be able to make a claim because you changed your mind, had scheduling mishaps, or because a particular performer dropped out. The insurer needs proof you are medically unable to attend or that the entire event was cancelled.
What does concert ticket insurance cost?
Ticket insurance costs vary based on the company, policy, and price of the ticket. Expect to pay somewhere between 5% to 12% of the base ticket price.
For example, if your concert ticket costs $100, you may pay:
- $5 to $8 for a basic policy
- $10 to $12 for a more comprehensive policy
The more expensive platinum policies with the most coverage and fewest exclusions will be at the higher end of that range.
For a very expensive front row or VIP ticket, you could pay $25 or more just for the insurance. The cost is in addition to the price of the ticket itself.
Some credit cards and travel insurance policies include event ticket coverage, so check if you already have protection before purchasing a separate policy.
Pros of buying concert ticket insurance
Here are some potential benefits of insuring your concert tickets:
Peace of mind
The main advantage of ticket insurance is the peace of mind knowing you’ll get your money back if an unexpected emergency arises. If you pay hundreds of dollars for tickets, you may worry about losing that money if you can’t attend. Insurance alleviates that concern.
Cover illness and injuries
One of the top reasons people miss concerts is because they get sick or injured beforehand. Ticket insurance covers you in these unfortunate scenarios (unless it’s a pre-existing condition). It provides a safety net if your health takes an unexpected turn before the show.
Protect against event cancellation
Big concerts and festivals do sometimes get cancelled last minute. Ticket holders can get stuck with no refund. Insurance protects you financially in case the show is called off completely and not rescheduled.
Cover travel issues
Inclement weather or traffic delays could prevent you from making it to the venue on time. Some ticket insurance policies cover such travel problems (although not all). If your travels are disrupted, you can recoup the ticket cost.
Resell unused tickets
Many ticket insurance policies allow you to resell your unused tickets through their platforms. This gives you an opportunity to recoup some losses if you can’t attend. It’s easier than trying to find a buyer independently.
Cons of buying concert ticket insurance
While there are benefits, insuring concert tickets also comes with some downsides:
Added cost
The main drawback is that ticket insurance costs extra money on top of an already expensive concert ticket. The premiums add up, especially if insuring tickets for a whole family or group. For a big show, you could spend over $100 just on insurance costs alone.
May not cover what you expect
Make sure to read the fine print. There are exclusions that prevent you from making a claim in certain situations. For example, policies usually don’t cover you simply changing your mind about attending. The reason for the claim has to be a covered medical emergency or full cancellation.
Reselling may recoup less than you paid
If you resell the ticket through the insurance company’s channel, you’ll likely get less than face value. You may only recoup a partial amount, so weigh the cost of insurance versus potential losses from reselling at a discount.
Pre-existing condition exclusions
Unfortunately, if you have a pre-existing health condition, it likely won’t be covered as a reason for missing the concert. This limits the usefulness for people with chronic illnesses.
Paperwork and claims process
Making an insurance claim involves paperwork and processing time. It’s not as seamless as getting an automatic refund. You’ll need to submit documents and proof to back up your reason for the claim.
Factors to consider when deciding on ticket insurance
Here are some important things to think about when deciding if you should purchase concert ticket insurance:
Ticket cost
The more expensive the ticket, the more worthwhile insurance becomes to protect your investment. If you spend $500+ on a VIP ticket, insurance is likely a good idea. For a $50 nosebleed seat, probably not.
Health conditions
Those with chronic illnesses may benefit more from insurance. But check that your specific condition qualifies for coverage.
Trip distance
If you have to travel far or fly to the concert, insurance makes sense to cover potential travel delays and cancellations.
Age
Older concert-goers may want insurance to protect against age-related health issues suddenly arising before the show.
Weather concerns
Buying insurance for an outdoor festival with potential weather risks can give peace of mind.
Refund policy
If the concert has a generous refund policy anyway, insurance is less necessary.
| Factor | Favors Insurance | Doesn’t Favor Insurance |
|---|---|---|
| Expensive ticket | Yes | No |
| Pre-existing condition | Yes | No |
| Long distance travel | Yes | No |
| Outdoor event | Yes | No |
| Generous refund policy | No | Yes |
Who should consider insuring concert tickets?
Here are the types of concert-goers who will benefit most from ticket insurance:
- People buying expensive front row, VIP or box seat tickets
- Individuals traveling long distances like flying cross-country for the event
- Those with chronic medical conditions that could suddenly flare up
- Outdoor festival attendees concerned about potential rainouts
- Seniors and others worried about health issues arising before the show date
- Groups or families buying multiple tickets
Of course, anyone can experience an unexpected emergency. But those risks are magnified for the groups above.
Tips for buying concert ticket insurance
If you decide to purchase ticket insurance, keep these tips in mind:
- Buy early – Policies purchased within 14 days of the event may not qualify for coverage.
- Read exclusions – Be clear on what is and isn’t covered to avoid surprises.
- Compare premiums – Prices can vary between insurers for similar coverage.
- Check other insurance – You may already have duplicate coverage through a credit card or travel policy.
- Understand refund process – Know the documentation needed to submit a claim.
- Review cancellation policy – If the concert has a great refund policy, insurance may not be necessary.
Buying the insurance immediately after you purchase tickets ensures you are covered right away. Don’t wait until the last minute.
Conclusion
Purchasing insurance for concert tickets is a smart idea in many cases. For expensive tickets, travelers, people with health conditions, or large groups, it often makes sense. The peace of mind can be worthwhile if you end up unable to attend. However, insurance isn’t necessary for inexpensive local shows or concerts with generous refund policies. Take time to understand what is covered and weigh the costs against potential benefits before deciding. Carefully evaluating your specific situation will determine if ticket insurance is a wise investment or not.
