I got a press release yesterday and I don’t quite know what to make of it. Basically, a company called Blue Ribbon Bags will pay out $1,000 if your luggage doesn’t arrive (within four days of travel) for a $5 fee. It’s Bag Insurance. My first thought is that it sounds like an extremely valuable service. My second thought is that there must be some statistic that 98% of luggage eventually finds its way to the owner within four days. Otherwise, I would assume these guys would be paying out like crazy with the amount of luggage that gets lost every day.

This is how they describe the company:

About Blue Ribbon Bags: Blue Ribbon Bags protects every bag taken on a plane for $5. In the event that a bag is not returned, Blue Ribbon Bags will track and expedite its return and pay a minimum of $1000 per bag if the bag is lost by the airline, and not returned within 4 days of your flight’s arrival. No proof of what was in the bag (receipts) is necessary to receive payment.  All US and International flights are covered with this service, including all code share partners and connections. This service can be purchased up until the moment before your flight takes off.  Blue Ribbon Bags is available to tour operators, travel agents, and travelers checking skis and other sports equipment and group travel.  More alliances and partnerships will be announced in the very near future.

That sounds almost too good to be true. Pay $5 in bag insurance and you get $1,000? It gets even better: if you pay $10 for the bag, your payout is $2,000 if the bags get lost. They even have a fancy little cartoon video:

This is the full press release I received:

New York, New York – April, 2015 – Blue Ribbon Bags, the premier and only service that tracks and expedites the return of bags lost by an airline, is now being offered by MakeMyTrip.com, via its Red App on the Sabre Red Workspace via as well as online at www.blueribbonbags.com as well as through your Travel  Agency.

Founded by Gabriel Menkin, CEO, Daniel Levine, President, and Don Yahalom, COO, in 2011, Blue Ribbon Bags is revolutionizing the way people travel, and relieving the stress of lost luggage by an airline during travel. A satisfaction guarantee of $1,000 per bag is paid for a $5 service fee if Blue Ribbon Bags is unable to assist in finding the passenger’s bag after 4 days.  Started as a way to give travelers “peace of mind” when checking luggage with an airline, Blue Ribbon Bags is currently available for customers traveling on any airline in every country around the world.

“We are thrilled about our partnerships with  MakeMyTrip.com , as well as the launch of the Red App on the Sabre Red Workspace  and on linee at www.blueribbonbags.com.  The continued growth of Blue Ribbon Bags, and our relationship with partners is also very exciting.” Says CEO, Gabriel Menkin. “With over 20 million bags misplaced last year alone, we feel that our service gives our customers an efficient way to ease the inconvenience of lost luggage, and the hassle that goes along with it.”

Currently, all affiliated Vacation.com travel agencies throughout the US and Canada have the ability to sell Blue Ribbon Bags service to their customer base. The Blue Ribbon Bags Service is an affordable and convenient way for travelers to protect themselves in the event of lost baggage by an airline. It is also the only coverage available for lost luggage that can be purchased within the twenty-four hour window before a passenger’s flight. For more information about Blue Ribbon Bags, and how the process works please visit https://www.blueribbonbags.com/

Would you pay $5/bag for luggage insurance? $10 per bag? I can’t decide if I would spring for it or not.