I have not sailed RCCL, so I have no knowledge of the cost and coverage of their insurance.
On Princess for our first five cruises we found cheaper cruise insurance by using an independent company. After five cruises on Princess they then offer a free insurance upgrade. So after five cruises it became became cheaper to go with the cruise line insurance.
If you decide to go for independent insurance be sure and check out the reliability of the company.
Most importantly, whatever you decide, I strongly recommend purchasing insurance for any cruise.
With integrity nothing else matters; without it nothing else matters.
To answer your main question: I believe that cruise insurance is designed to protect the cruise line as much or more than it is to protect you.
The site that Phil & Liz mentioned is a good one to find and compare different, independent, travel insurance policies. Make sure that the company has an A rating or better.
Medical and Medical Evacuation are the most important parts of cruise insurance. Losing the cost of your cruise will not cause true financial hardship. You have already paid for the cruise and all you are really out is the joy of going. It is terrible but not catastrophic. A $100,000 + medical evacuation and foreign medical care will cause severe financial hardship.
I'm not saying forgo cruise reimbursement insurance but make sure you have the medical and evacuation.
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We never buy the insurance offered by the cruise line. I know it's not very likely, but if the insurance is underwritten by a cruise line (or one of their subsidiaries) and they go out of business you're pretty much out of luck .
We do buy travel insurance, but we do it on our own.
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