Concerts can cost big bucks. Can ticket insurance protect your investment?
CBC
Ariana Rendon says Kendrick Lamar is one of her favourite rappers of all time. So when he was playing in New York City, where Rendon lives, she had to get a ticket.
But tickets to see big acts like Lamar are expensive. When Rendon got to the online checkout, she saw the option to check a box and add on ticket insurance.
And she went for it.
"It's like when you go out and [are] like, 'let me just bring a jacket just in case I get cold or something.' It's something like that. Just in case you know you have it, so if anything happens, you'll be good," said Rendon.
According to a report by Polstar published in January, the average cost of a concert ticket globally for top-100 touring artists was $135.92 US ($187.79 Cdn), compared to 2015, when the average ticket price was $78 US ($107.77 Cdn).
For example, a floor ticket in Toronto to Beyoncé's Formation tour in 2016 was being resold for $330 on the secondary market. In 2023, that same ticket for her Renaissance tour was being resold for $1,000.
And experts say that has some people making the same move Rendon did so they're not left with empty wallets if they miss the show because of sickness or travel delays.
Shiraz Mawani of Toronto, who buys and resells tickets in his free time, says that if you're travelling to an event, getting the insurance could be worth it.
"Especially flying in that day or getting in that day, things can happen. And so ticket insurance, it does have a purpose. But I feel like it doesn't apply necessarily to everybody," said Mawani.
There are other options for those who can't make it to an event aside from insurance, he says. They could give the ticket to a friend or try to sell the ticket on the secondary market.
Those who remember the Taylor Swift Era's Tour might think of reselling as a lucrative option, but that's not always the case. While Mawani has been able to buy and sell many tickets, he says it's not always a sure thing. And not everyone is comfortable with trying to sell a ticket on their own.
"It can feel overwhelming," said Mawani. "I think that's what the biggest hurdle is for a lot of people. They just don't know where to start."
Finance professor Martin Boyer says it's not surprising people are looking for a little safety when they've paid big bucks for a ticket or two.
And companies want to take advantage of that uncertainty.
