Is cancel for any reason travel insurance worth the extra cost?

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November 11, 2026 / 8:19 AM EST / CBS News

When you book a trip, it typically means you're making a financial commitment many weeks or months before you actually set out on your travel plans. Between the cost of airfare, hotel reservations, cruises and prepaid activities, it's easy to spend thousands of dollars well before your departure date has even arrived. And while planning ahead when traveling can help you secure better prices, it also leaves plenty of time for things to change before you're scheduled to leave, resulting in expensive, last-minute changes to your plans — or in some cases, an outright cancellation of your trip.

If that happens, a travel insurance policy can provide you with some financial protection. A standard policy typically reimburses certain prepaid expenses if you have to cancel for a covered reason, such as an unexpected illness or injury. Those protections have limits, though, and there are plenty of circumstances that could derail your plans but aren't necessarily covered. A change in your work schedule, destination concerns or simply deciding you no longer…

Original source: https://www.cbsnews.com/moneywatch/