I have never booked basic economy and never really looked into it before for my business trips. Now, I am looking at taking my family of 4 on a 4 day trip to somewhere in December. I am noticing $60 difference, so for 4 of us that is $240 and a pretty big deal. My kids are in high school so seats together won't be that big of a deal. I hate middle seats, but for $240 and short flights, I can handle it. I am gold. If we book the trip, the only reason we would cancel or change would be something covered by trip insurance with my Aadvantage Executive card. We would do carry on only with it being a short trip. I assume normal refunds or changes would apply if a winter storm comes through and cancels/delays flights. I am assuming we still get miles /segment credit for the flights. So, the only downside for us is not getting to pick seats ahead of time.

Are my assumptions all correct?