VS.

It is a regulated product that covers losses that you might face while traveling. These losses can include car rental damage, flight delays, lost luggage, medical expenses, and trip cancellations. A typical policy generally costs between 5% and 7% of the cost of your trip.

It is an unregulated product typically offered by a travel agency or travel company. The most common trip protection plans allow you to waive a cancellation fee if you can't make your trip. Some also allow you to receive a credit for the full value of your trip. The costs can vary, but typically its less expensive than travel insurance.