Can I buy Travel Insurance against the cancelation of a Formula 1 race?

3/20/2013 3:56:11 PM

From the Terms & Conditions of the Sinagpore GP

2.3.2. SGPPL will refund the cost of a Ticket to the Ticket Purchaser of that
Ticket only if:

  • the entire Race is cancelled and cannot be rescheduled;

  • the dates of the Race are changed after they have been confirmed by FIA and the relevant Ticket Purchaser has confirmed in writing to
    SGPPL that he does not wish to attend the Race on the rescheduled
    dates;

  • there is a significant change to the Ticket Holder’s reserved seating arrangements (other than as described in Clause 2.2.2 and as
    determined by SGPPL in its sole and absolute discretion) . If SGPPL
    makes any significant changes to the Ticket Holder’s reserved seating
    arrangements, SGPPL will notify the Ticket Purchaser directly of such
    changes, using the contact details provided by the Ticket Purchaser at
    the time of purchase of the Ticket(s). SGPPL will offer the Ticket
    Purchaser the opportunity to ex change his Ticket for a Ticket of the
    same or lower face value to another reserved seating or general
    admission area. If the exchange is not acceptable to the Ticket
    Purchaser, SGPPL will refund the cost of that Ticket

So what you need is a normal cancellation insurance. If something happens and the race get cancelled or the date changes, they will refund the tickets. But to be honest – it’s very very unlike that something happens and if the insurance costs more than 10% of the ticket price I would never make it. Bahrain 2011 was an exception and you don’t have to worry that this can happen in Singapore

3/19/2013 6:00:57 PM

Yes. It is called a “trip/travel cancellation insurance”. Just like every other insurance, you get it before something happens, pay for your trip, get the insurance and then reclaim the money in case something prevents you from traveling.

Of course, you will have to make sure that the policy covers the eventual reasons for the cancellation that you want to cover.

There are some packages that allow you to protect yourself against a whole host of reasons, such as sickness etc. If you are not concerned with a health-related issue, you can take a wholesale “cancel for any reason” insurance.

There are some websites that help you do this. This one here for example will list you all the companies that give a certain insurance type in your country.

The rates can vary somewhere around 5% to 10% of the overall trip value, of course depending on all the different factors that play into insurance quotes.

Regarding the racing tickets, there is a chance that the travel insurance will not cover this. You can however, get a separate insurance for those if this is the case. There are Even ticket insurances from insurance companies like Allianz, and one from tour organizers for the Singapore F1 (this is a South African one) themselves. It seems however after searching more that you will have to get this kind of insurance from the ticket vendor itself. Unless your travel insurance covers it or your ticket vendor does, you might be out of luck on that one.

So you could ask directly at the company that sold you the tickets if they offer such protection, or ask your local insurance company.

However, I personally never heard of a F1 race being cancelled or moved by several days. Maybe it would be worthwhile to investigate on the chances of that happening before breaking your head over an insurance.

Credit:stackoverflow.com‘

About me

Hello,My name is Aparna Patel,I’m a Travel Blogger and Photographer who travel the world full-time with my hubby.I like to share my travel experience.

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