> common marketing message but that doesn't make it less true

No where did I say it was not true. However, they sell insurance for everything and so in cases where it is not always necessary (there are many cases where it is actually necessary), that is the only leg they have to stand on which is why your post reads like an advertisement for financial products and quite uneducated

I guess if it keeps you up and sweating all night then it might be worth it (if this is the case you should probably seek help from a professional). Aside from your "peace of mind", they are collecting free money most of the time you buy insurance because you get no goods or services in return. It is designed that way by very smart people (search up the difficulty of actuarial exams). They make tons of money on different types of (often-unnecessary) insurance like extended warrantee

The most extreme example of this kind of thinking are from people who buy lottery tickets. $2, $5, or even $10 a week is nothing compared to the "peace of mind" you get knowing that you are not missing out on the opportunity to substantially change your life forever. Should that be a LPT?

> And honestly, it doesn't seem like it's something that "everyone" already knows about. I know plenty of people who have ended up with little to no help with common travelling snafus

Yes have heard of insurance before, but most people don't care because even if something goes wrong it is not as big of a deal. Different kinds of travel related insurance are often advertised when you buy a plane ticket, renew your car insurance, go to the bank, and on signs and kiosks at the airport. In general, companies also sell insurance for just about anything you want. Travel insurance is definitely not some sort of secret

Also, a point about probability, just because something actually went wrong, it does not mean that not purchasing insurance was the wrong choice. That is like saying that you would have picked the correct lottery numbers so you should have spent all your money on lottery tickets. No one can predict the future and just because something unlikely actually happened does not make it not unlikely

> As for being situationally dependant, that is why I did specify trips involving layovers and checked luggage

I think you either don't travel much or only started traveling recently. Most major trips involve layovers and checked luggage. It is not something weird or unusual. Tons of people have layovers and checked luggage and don't carry have travel insurance and are fine

It is true that recently it is good to avoid having any checked luggage if possible because there are more cases of them being lost. Still most of the time it is fine. Like I said, it is not a LPT because it is not for all situations. Insurance companies are not stupid. Why would they offer you insurance that they are going to lose money on? They use probability and adjust their offerings according to the times which means that the expected outcome/payout always favors the insurance company