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Part of my response would depend on whether or not the travel was for business or pleasure, and who was paying. I wouldn’t buy any kind of trip or cancellation insurance for business travel that my employer is paying for. They already recognize that “stuff happens” and trips can be cancelled at the last minute for various reasons. That’s why we generally purchase non-refundable air tickets and then – if necessary – pay the penalty at the time we do make the trip if we have to change the itinerary. It amounts to the same thing that way, but it only happens when necessary.
But those are not “trip-of-a-lifetime” travel excursions. For tourist travel I might very well reconsider and buy the insurance, because, for example, cruise ship itineraries are a lot more dependent upon weather than most air travel, and while a missed business flight might put us at a work destination a day or so later than we had planned, a missed trip to a cruise could put you off the trip entirely.
So, like most things, “it depends”.