There a few important things that you need to ask yourself before purchasing trip cancellation insurance. The first thing is being whether or not the travelers insurance that you are purchasing is real or a waiver. A waiver is an agreement with the travel supplier saying that if something in the cancellation terms happens you will not be responsible to pay the cancellation fees. Knowing the circumstances of your trip cancellation insurance is the next thing to look at. Sometimes cheap travel insurance companies will make receiving payoffs very difficult if anything were to happen to a close family member on the trip. Compare travel insurance quotes and their restrictions before deciding to buy. Also, know the date the insurance expires.