Did you buy travel insurance the last time you went on a trip? 

Was it trip cancellation or interruption insurance? 

Last year, more than 40% of paid travel insurance claims were for trips that were canceled or cut short, with travelers receiving an average payout of just over $2,000. 

And this year, with trip costs up about 24% over 2024, the question is: Should you buy the insurance? 

It all gets down to your actual financial investment in your trip and how much of your travel costs are considered non-refundable. 

So, only insure the amount you’d actually lose if you need to cancel. 

Make sure you buy your travel insurance from a travel agent or advisor who can translate the hieroglyphics of policy language so you know what you’re covered for, or more important, what you’re not.