Generally the third-party insurance policies are better and here’s why: They tend to be more comprehensive. They cover you if your flight is cancelled and you miss a day or two of your cruise vacation; many even cover pre-existing medical conditions. Plus they offer cash back for cancellation (typically up to 75%) as opposed to the future cruise credit offered by the cruise line policies And they’ll cover you if the cruise line goes belly up — though some credit cards will also protect you if that happens. Do note that the extent of coverage can differ from insurer to insurer, so always read the fine print before you commit to a policy. Or check with Squaremouth (tel. 800/240-0369; squaremouth.com) to compare third-party policies.