As we know, despite our best laid plans for travel, life happens. We just wish the “happenings” didn't have to coincide with out travel plans because the last thing we'd really like to see there is to have these plans disrupted. That said, no amount of wishful thinking is going to protect you from calamity when it strikes, or to recover your holiday plans when they go awry. Travel insurance is actually extremely low cost—especially considering the substantial degree of protection it gives you. Here are some situations where having travel insurance will make a significant impact on you:
An emergency situation in your life forces you to cancel your trip. “Oh, that's not me,” you say. “I wouldn't be booking a trip unless I was one thousand percent sure I could go, so I won't need to worry about canceling.” It's great that you're such a careful planner—that will definitely make for a smoother holiday for you. The trouble with that reasoning, though, is that not all of the factors that determine whether or not you are able to travel are within your control. Sudden onset of severe illness, and family crises, aren't well-mannered enough to ask, “is now a good time?”
You lose your job. People are even less likely to consider this possibility than those of illness or untimely deaths in their families, but just like these crises, job loss isn't always predictable. If you need to cancel a trip because you have lost your job, having travel insurance ensures that you can do so without any financial loss; you should be reimbursed in full. It should be noted, though, that this only applies if the job loss is involuntary; if you quit or retire, that would not count as job loss.
Your travel provider goes belly up. Unfortunately, this is actually a pretty common occurrence. A good travel insurance policy should cover you in case of disruptions involving your airline, your cruise, your place of accommodation, and your tour providers.
These are just three of several misfortunes that travel insurance can protect you from. You don't want to be without it.