Is It Worth It?: Refundable Airline Tickets

It's vacation season and a lot of people have plans to fly somewhere, but sometimes an emergency can pop up.

A refundable ticket comes in handy when we can't make our trip. It's one that you can change or cancel without a penalty.

Refundable tickets can cost two, three or even four times the price of a non-refundable ticket. With those types of tickets, there might be a cancellation fee or cost to changing plans.

The experts at PEMCO Insurance said there are some other things you can try if you can't afford a refundable ticket.

"You can try your credit card," said Eric Beck, PEMCO Insurance agency manager. "So, credit cards sometimes when you purchase a ticket with a certain card it might have coverage for cancellation of a trip, but you have to use that card when you buy the ticket. Another option would be trip insurance which would cover more than just your ticket flight."

Travel insurance can also cover your hotel, medical expenses or transportation. That would be useful if you get sick in a foreign country or need to be evacuated and flow home.

Some plans also offer travel assistance to help you if a passport is lost.

The cost of travel insurance depends on the type of coverage. It can range for four to 10 percent of the total trip.

So, is it worth it to buy a refundable ticket?

"That depends on your budget and your capacity to endure the hassle if your plans change," said Beck. "I think for most people it's probably a better idea to look at other options when trying to get peace of mind for traveling."

Airlines have different policies when it comes to cancellations or changes to travel plans, so it's a good idea to shop around before you buy tickets.