Reason #1- Can you really afford to lose your vacation investment?
Let's pretend you've booked the number one item on your Bucket List: a once-in-a-lifetime cruise to Alaska, followed by another week doing a land tour. You've saved for years and now your dream is just a plane ride to Seattle or Vancouver away. The week before you depart on your big adventure, you fall and break your leg. The cruise line shares your disappointment when you call to inform them why you simply can't go on this dream vacation with a broken leg. But guess what? You aren't getting your money back. They'll sadly remind you that their company policy clearly states that there are no refunds if you cancel within 14 days of departure.
Like I mentioned above, sometimes life gets messy. And if you declined Travel Insurance and something like this pops up, you're really in a pickle. But, had you purchased the very reasonably priced travel insurance with trip cancellation benefits, you'd be reimbursed for your prepaid, nonrefundable trip costs if you find it necessary to cancel for a covered reason (like the covered serious illness or injury of the insured person, a travel companion or a family member; the death of the insured traveler, traveling companion or a family member; a natural disaster or other event that renders your destination uninhabitable; etc.)