The easiest way for the public to understand LCC's is the level of service that you get equates to the fare paid. If you pay $40 for your ticket, dont expect the LCC to pay $140 to accomodate you if the aircraft breaks down.
If you pay cheap fares,
get travel insurance or as stated before, pay a full fare on a full service airline.
Treat LCC's as you would travelling on a bus. if the bus breaks down you just sit and wait for the next one. I don't see bus companies feeding or accomodating the punters.