Travelocity's Cancellation Policy
It is a long time since I have had to cancel a flight, so when that happened with a trip I had booked on Travelocity (www.travelocity.com,) I was concerned. However you book flights, you will notice that usually the cheapest fares are nonrefundable. I wasn't sure what that meant, but thought perhaps you lost the entire value of the trip.
Therefore I was pleased to learn that if you cancel a flight with a few days' notice, you don't get a refund, but you can apply the full cost of the ticket to another itinerary on the same airline booked through Travelocity. There may be change fees if you re-book the same itinerary, and there may be a change in the fare charged. However, there is nothing to keep you from applying the credit to another flight.
While it is not a good idea to cancel flights willy-nilly, it was a relief to learn that the cost of the ticket was not just gone money. Perhaps I should have purchased cancellation insurance, but I have found that the fine print in a lot of these insurance contracts makes it almost more trouble than it is worth.
If you have stories about problems or successes cancelling flights, I would be pleased to hear about them in the comments section.