We live 30 minutes from the Port of Los Angeles, and sometimes we've grabbed deeply discounted last-minute cruises. Should we have trip cancellation insurance for these deals? J.L., Pasadena CA

A: Trip cancellation insurance is well worth the investment. Because you live so close to the port, you may not miss a cruise because of a late flight or ground transportation problem. However, sudden illness, accidents and other unforeseen events can cause you to cancel.

If you don't have trip cancellation insurance and miss the cruise, you'll typically lose your entire fare, with no possibility of refund or credit. We've heard the most heartrending accounts of missed cruises due to deaths in the family, catastrophic illnesses and freak accidents.

Trip cancellation insurance may add from 4% to 6% to your total price of a cruise vacation. For the peace of mind it brings, you should factor it into your budget. You’ve been lucky so far on your last-minute cruises. Don’t tempt fate on your next one.