Ticket insurance provides coverage for various expenses and losses related to event tickets that you purchase. There are a variety of ticket insurance policies available, each offering different types and levels of coverage. In general, some common things covered under ticket insurance include:
Ticket Cost Reimbursement
One of the primary benefits of ticket insurance is reimbursement of the cost of the tickets if you cannot attend the event. Ticket insurance will typically reimburse you for the face value of the tickets if you are unable to go to the event due to a covered reason. Some examples of covered reasons for ticket reimbursement include:
- Illness or injury that prevents you from attending
- Severe weather or natural disaster that prevents the event from occurring
- Death in the family shortly before the event
- Unexpected military deployment
- Traffic accident on the way to the event
- Jury duty or court appearance that conflicts with the event
The specific covered reasons will vary by policy, so check your policy details. Some policies may cover any reason for being unable to attend while others only cover specific scenarios.
Event Cancellation
Ticket insurance also often provides reimbursement if the event is cancelled entirely. If the event organizer cancels the event for any reason, your ticket insurance will refund you the cost of the ticket. This protects you from losing the ticket value if the event is called off.
Travel and Hotel Expenses
For tickets to events that require travel, ticket insurance may cover certain travel and lodging costs as well. Some policies may cover expenses like:
- Airfare to get to the event
- Rental car costs
- Hotel or accommodation expenses
- Costs of local transportation like taxis while at the event location
Typically, travel insurance benefits under ticket insurance only apply if you purchased a bundled policy covering both your event tickets and travel. The policy may cover these costs if you are unable to travel due to a covered reason or if the event is cancelled leading to nonrefundable travel costs.
Trip Interruption
If you have already started your trip to attend an event when an unexpected interruption occurs, ticket insurance may cover certain costs. Covered reasons for trip interruption vary by policy but can include things like:
- Family emergency that requires you to cut your trip short
- Sickness or injury during the trip that makes you unable to continue attending
- Severe weather that interrupts transit and prevents continuing the trip
- Terrorist event or other security incident that forces trip cancellation
Benefits provided for trip interruptions may include reimbursement for forfeited portions of the trip, additional accommodation costs, and transportation expenses to return home early.
Cash Allowance Benefit
Some ticket insurance policies include a cash allowance that you can use as you wish if you cannot attend the event. This benefit provides a fixed dollar amount (e.g. $300) that you can claim if you miss the event due to a covered reason. You typically do not need to provide receipts or documentation and can use the cash for any purpose.
Change Fee Coverage
If you need to change your event tickets for a covered reason, your ticket insurance may reimburse any change fees or the cost of exchanging your tickets. This can provide coverage for change fees charged by event organizers, airlines, hotels, etc. Some policies only cover changes for specific reasons, so review your coverage details.
Replacement Ticket Coverage
Some ticket insurance policies will cover the cost of purchasing replacement event tickets if your original tickets are lost, stolen or destroyed shortly before the event. Typically, you will need to provide documentation such as a police report in the case of theft. The maximum benefit is usually limited to the original ticket value.
Pre-Existing Medical Condition Coverage
Many travel insurance policies exclude pre-existing medical conditions, but some ticket insurance plans may offer coverage related to pre-existing conditions. This may include cancellation coverage if your pre-existing condition flares up before the event or emergency medical benefits related to your condition if you need treatment during your trip.
Emergency Medical Transportation
Ticket insurance bundled with travel medical coverage may cover emergency medical transportation back home if you become seriously ill or injured during your trip. This may include ambulance transport or an air ambulance if necessary. However, policy benefits are typically secondary to your primary medical insurance.
24/7 Emergency Assistance Services
In addition to financial reimbursements, ticket insurance often includes 24/7 emergency assistance from the insurer. This may provide services like:
- Emergency medical referrals and appointments
- Coordination of medical evacuations or repatriation
- Assistance replacing lost travel documents
- Emergency message relay to family members
- Translation services
- Legal referrals
Exclusions and Limitations
While ticket insurance provides protection for many losses and expenses surrounding an event, there are certain exclusions and limits to coverage. Some common exclusions include:
- Pre-existing medical conditions (unless waiver purchased)
- Mental health disorders, anxiety, depression, etc.
- Injuries related to professional athletics or hazardous activities
- Normal pregnancy or childbirth
- Intoxication or drug use
- Illegal acts
- War, terrorism, civil unrest
- Nuclear, chemical or biological events
- Epidemics and pandemics (unless waiver purchased)
There are also typically policy limits on things like:
- Maximum ticket cost reimbursement (e.g. $1,500 per ticket)
- Maximum trip cancellation/interruption benefits (e.g. $7,500 per trip)
- Maximum change fees covered (e.g. $250 per ticket)
- Cash allowance limits (e.g. $500 per trip)
- Medical evacuation coverage limits (e.g. $100,000)
Be sure to understand any exclusions and caps on benefits when getting ticket insurance.
Common Ticket Insurance Providers
Some well-known companies offering ticket insurance policies include:
- Allianz
- AXA
- Generali Global Assistance
- Travel Guard
- Travel Insured International
- Travelex
- Trip Mate
- CSA Travel Protection
- TravelSafe
- April Travel Protection
You can purchase plans directly from these providers or through an insurance comparison site. Event ticket sellers also sometimes offer ticket insurance policies.
Cost of Ticket Insurance
Ticket insurance premiums are based on a percentage of the total ticket cost and any bundled trip costs. Some average costs include:
- 4% – 10% of ticket price for basic ticket coverage
- 6% – 12% of ticket price for ticket + travel disruption coverage
- 8% – 15% of full trip cost (tickets, travel, hotels) for comprehensive plans
Factors that can affect the cost of ticket insurance include:
- Age – older travelers pay more
- Trip duration – longer trips cost more to insure
- Destination – high risk areas are more expensive
- Chosen policy benefits – higher tiers cost more
- Time of purchase – last minute purchases may have higher rates
Always compare rates from multiple providers to get the best deal. Look for any available promotions and discounts as well.
When to Buy Ticket Insurance
It’s advisable to purchase ticket insurance as soon as possible once you book your tickets and pay in full. Ticket insurance purchased within 1-2 weeks of initial ticket booking typically provides the most comprehensive benefits. However, you usually can buy a policy up until 24-48 hours before the event starts.
Buying earlier means you are covered for more unforeseen cancellations reasons. Last minute ticket insurance purchases generally only cover specific cancellation reasons like severe weather or traffic accidents on the day of the event. You’ll get fewer benefits buying ticket insurance at the last minute.
Factors to Consider When Buying
Important factors to consider when choosing a ticket insurance policy include:
- Coverage inclusions – Make sure the policy covers your main concerns like cancellation, medical emergencies, etc.
- Coverage limits – Check if coverage amounts are adequate for your needs.
- Exclusions – Understand what circumstances are excluded.
- Reputation of provider – Pick a financially stable insurer with a track record of positive customer service.
- Cost – Balance sufficient coverage with reasonable premium rates.
Also consider getting a policy that allows cancellation for any reason if this is available. While pricier, this gives you maximum flexibility if you need to cancel.
Claiming Ticket Insurance Benefits
If you need to make a claim on your ticket insurance policy, there will be some documentation and forms required by the insurer. Some of the information you may need to submit includes:
- Proof of ticket purchase
- Documentation on the reason for cancellation/interruption (doctor’s note, death certificate, etc.)
- Receipts for any eligible expenses incurred
- Confirmation of any refunds provided by event organizer or travel providers
- Completed claim form provided by insurer
You must report any claim as soon as possible, typically within 72 hours of the cancellation or interruption event. The claims process can take anywhere from 4-8 weeks after submission of documentation.
The Benefits of Ticket Insurance
Some key benefits that make ticket insurance worth considering include:
- Protection of your ticket investment – Provides reimbursement if you cannot attend an expensive event you already paid for.
- Coverage for unforeseen circumstances – Unpredictable events like sickness, injuries, or severe weather can strike anytime.
- Avoiding costly change and cancellation fees – Ticket change fees can be excessive, insurance can cover these costs.
- Peace of mind – Lets you attend events with confidence knowing you can recover costs if issues arise.
Is Ticket Insurance Worth It?
Whether or not ticket insurance is worth it depends on a few key factors:
- Ticket cost – Insurance makes more sense for expensive tickets vs. inexpensive tickets.
- Health and age – Greater value if you have medical conditions or are elderly.
- Trip costs – Worth more for trips with high airfare, hotel, and other costs.
- Policy inclusions – Choose a policy with benefits that fit your needs.
- Likelihood of issues – Consider how likely disruptions are for your circumstances.
In general, ticket insurance provides good value when your tickets are a significant investment and you have risk factors like health conditions or winter weather travel. It provides peace of mind and financial protection in case the unexpected happens.
Conclusion
Ticket insurance can be a smart purchase when you want protection for your event ticket investment against unforeseen circumstances. Policies can provide reimbursement for ticket costs, travel and hotel expenses, and other losses related to missing an event. Common inclusions are cancellation coverage, cash allowances, and emergency medical transportation. While exclusions apply, ticket insurance gives travellers an option to reduce their financial risks when booking expensive event tickets and travel.