Concerts can cost big bucks. Can ticket insurance protect your investment?

Concert tickets are no longer just a simple purchase. With the rising costs of live music events, many fans are now opting to add on ticket insurance to protect their investment. This trend has become increasingly popular as ticket prices continue to soar.

For fans like Ariana Rendon, who couldn’t resist the opportunity to see her favorite rapper Kendrick Lamar perform in New York City, ticket insurance was a no-brainer. “It’s like bringing a jacket just in case you get cold. It’s a safety net so you won’t be left empty-handed if something unexpected happens,” she explained.

According to a report by Polstar, the average cost of concert tickets for top-100 touring artists has significantly increased over the years. This surge in ticket prices has led many concert-goers to consider insurance as a way to protect their investment.

Shiraz Mawani, a ticket reseller from Toronto, believes that ticket insurance can be especially valuable for those traveling to attend an event. “Things can happen, especially if you’re flying in that day. Ticket insurance serves a purpose in such situations,” he said.

While insurance provides peace of mind for many, some fans may opt to give their tickets to a friend or sell them on the secondary market if they can’t attend an event. However, reselling tickets is not always a guaranteed solution, as ticket reseller Mawani pointed out.

Finance professor Martin Boyer explained that ticket insurance companies capitalize on fans’ fear of losing their investment. Companies take advantage of people’s inability to accurately assess the probability of missing an event due to unforeseen circumstances. As a result, ticket insurance becomes an attractive option for many fans.

However, getting a refund through ticket insurance isn’t always straightforward. Policyholders may need to provide proof of a major illness or unforeseen circumstance to qualify for a refund. This process can be cumbersome and may require documentation from a medical professional.

One fan, Eve Egan from Las Vegas, learned this the hard way when she couldn’t attend a concert and tried to claim insurance. Despite facing initial challenges, she was eventually able to get her money back after providing the necessary documentation.

In the end, ticket insurance can provide a safety net for fans who are concerned about missing an event they’ve paid a premium to attend. For Rendon, the insurance proved to be a lifesaver when she injured her ankle before the Kendrick Lamar concert. With the help of a doctor’s note, she was able to secure a refund and recoup her investment.

In a world where concert tickets are becoming increasingly expensive, ticket insurance offers fans a sense of security and peace of mind. Whether it’s a major performer or a one-time event, ticket insurance can help fans protect their investment and ensure they don’t lose out on their favorite live music experiences.