Marc:

I once sat down and figured out all the insurance I had paid for over time. Since I have never canceled after the deadline, all that money was a sunk cost. (and rather profitable to B&K or all other travel agents) So, I now self-insure. Sure, it will hurt if I ever face the penalty. But, I figure that in the long run, I will be ahead.
As an aside, I looked into this after I had an issue on a minor claim. Had they paid the $200 or so, I would have kept buying. Penny wise, etc.
Happy holidays to you & Arlene. Doug