Taylor Swift performs at the Eras Tour at Estadio Olimpico in Rio de Janeiro.
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2024 Summer Olympics. UEFA European Football Championship. Taylor Swift's European tour.
Summer is full of big events, and when you're traveling, big events can cause big problems.
“People may want to consider insurance for concerts, festivals, sporting events and other large events,” says Michael Giusti, an analyst at InsuranceQuotes.com.
A new survey by Faye Travel Insurance found that 21% of summer travelers are traveling to concerts and 14% are traveling for sporting events such as the Olympics or soccer championships. Another survey by Squaremouth.com revealed that 27% of respondents are traveling to concerts this summer and 25% to sporting events. With people spending thousands of dollars traveling to venues and tens of thousands of dollars on tickets to events, the last thing you want is to lose it all to a delay or accident.
Insurance can help, and when it comes to big events this summer, there are actually some insurance policies worth considering.
“For special events, ticket insurance options may be available through certain ticket sellers,” says Scott Adamski, head of global product development at TravelGuard, “but if you'll be traveling some distance to the event venue, a comprehensive travel insurance plan may offer additional protection.”
So there is ticket insurance and there is travel insurance. Let's look at each of them.
What is Event Protection and how does it work?
If you are planning on attending any events this summer, you can get insurance to cover the events.
For example, Allianz Event Ticket Protector, offered through several ticketing platforms, allows you to get a refund of 100% of the ticket price, including taxes, fees, delivery charges and other charges such as parking fees, if you are unable to attend the event.
Similar to travel insurance, event ticket protection only covers certain occurrences, including illness or serious injury, road accidents, flight delays, jury duty, mechanical breakdown, unemployment, and military service.
“So if you catch the flu before the Taylor Swift concert or your flight to the Olympics is delayed because of jury duty, you can at least take solace in knowing you'll get your ticket money back,” explains Daniel Durazo, director of external communications at Allianz Partners USA.
Angela Bowden, marketing manager at Seven Corners, says when you purchase travel insurance, you also get the option to get event ticket coverage.
But there are important limitations: some event ticket coverage is only available through the ticket seller and only at the time of ticket purchase, and there are limitations even if you purchase travel insurance later.
“That coverage has to be added during what's called a time-sensitive period, which is typically within 20 days of purchasing the ticket,” Borden explains.
And another big takeaway is that event ticket insurance doesn't cover everything: Any cancellation or interruption must be due to a covered reason outlined in the plan, which includes unforeseen events like illness or natural disasters that prevent you from traveling, Bowden points out.
But there are other options that offer more comprehensive coverage.
Does travel insurance cover special events?
Travel insurance also covers special events. Trip cancellation and trip interruption coverage included in most comprehensive travel insurance policies typically covers tickets to concerts, festivals, excursions, retreats, theme parks, and other events that you pay for in advance.
“Travel insurance can fully cover the cost of non-refundable tickets to an event,” says Squaremouth.com spokesperson Jenna Hummer. “Just include the cost of non-refundable tickets as part of the trip cost you enter when searching for travel insurance.”
For example, Berkshire Hathaway Travel Protection's (BHTP) ExactCare policy will reimburse you for nonrefundable travel expenses, including concert and sports tickets, if you're forced to cancel your trip due to a covered emergency like illness, injury, or natural disaster. (ExactCare also protects you from common pitfalls like medical emergencies, flight delays or cancellations, and lost, stolen, damaged, or delayed baggage, so it protects you for more than just Taylor Swift tickets.)
“Travel insurance can help protect your prepaid, nonrefundable vacation investment,” says Carol Mueller, vice president of BHTP, “but I always recommend getting insurance as soon as you pay the first nonrefundable dollar for your trip.”
That's good advice: the earlier you insure your trip or event tickets, the better you'll be protected. Some travel insurance policies will even cover you for pre-existing conditions if you take out the policy when booking your holiday.
What is the best insurance to buy when traveling to an event?
If you're traveling abroad for a special event, experts say you should strongly consider taking out some sort of insurance.
“When traveling to important events like the Olympics or Taylor Swift's European tour, having the right insurance gives you peace of mind and protects your money,” says Joe Cronin, president of International Citizens Insurance.
Here's some buying advice:
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This is a good idea any time a consumer buys something, but it's especially important now: Be sure to read the terms and conditions of your insurance, and don't assume that your policy will cover everything. Ideally, it should include coverage for at least nonrefundable travel-related expenses. Also, pay attention to the criteria that must be met for coverage to apply, says Travel Guard's Adamski.
Be careful who you buy your event tickets from
Keep in mind that you can get travel insurance that covers events up until the day before you depart, but where you buy your tickets matters, says Dan Skilken, president of TripInsurance.com. “Make sure you're buying from a ticket distributor or from the actual event,” he says. “If you buy from a scalper, they may not have the proper receipts or fall under the plan's general definition of a travel supplier.”
Can withstand bad weather
A common misconception is that travel insurance will cover you if rain cancels your event and you miss out on fun. Not true. But don't worry, there's coverage that can help. Companies like Sensible Weather can cover events like golf tournaments and live shows, and provide compensation if rain or high temperatures occur during the event. “You don't have to cancel or file a claim to get coverage,” adds Nick Cavanaugh, CEO of Sensible Weather. “It's all automated.”
Bottom line: There are at least two ways to cover your summer events. However, to be fully covered, you need to act wisely and read your insurance terms and conditions carefully.
