Is travel insurance a waste of money?

We have been buying multi-trip travel insurance for many years and are now beginning to wonder is it all pointless.
We were recently having this discussion with some older friends who told us they have given up on it as it's getting more expensive as they get older. As they are retired they only book cheap flights as they are available to travel when the price is right. Their travels are mainly in Europe as they do not like the long haul flights.
Hotels are booked via internet on visa card also at discounted prices and the usual cancellation policies.
They are VHI members
Are they being foolish?

Re: Is travel insurance a waste of money

It would be unwise to travel to the US without travel insurance. Medical bills could easily run into the thousands......

Medical assistance in Europe would generally be covered by the Health card (formerly the E111). However, if an air ambulance was needed to take you back to Ireland, it could ending up costing you over 20,000 euro. How would you pay for this?

I would recommend always travelling with insurance.

Re: Is travel insurance a waste of money

I spent one night in a us hospital around 15 years ago. It cost over 6500$! Can't imagine what it would cost now

Re: Is travel insurance a waste of money

To answer your question, of course all insurance is a waste of money , unless you have reason to claim during the period you are insured .

A friend of ours was on holiday in Europe last year , and he slipped on the wet shower surface in apartment . Broke both bones in one leg , and had to have operation in Greek hospital and was sent home in a wheelchair.
Luckily this was covered by insurance .It is a long drawn out process to receive claim , but in our opinion , insurance is an absolute necessity when travelling abroad.

Always carry an up-to-date E111 card with you when going abroad also.

Re: Is travel insurance a waste of money

I agree with the OP's friends. There is a previous thread on this subject here somewhere.

Re: Is travel insurance a waste of money

Here it is
http://www.askaboutmoney.com/showthread.php?t=83150

Re: Is travel insurance a waste of money

I know someone who had an accident in Portugal and wanted to come home to have operation and flight was organised within 4 hours.His travel insurance paid for 3 seats.Bill was €8,500 and paid by travel insurer.

Re: Is travel insurance a waste of money

The issue here isnt necessarily if travel insurance is a waste of money, its whether or not its worth taking out a stand alone policy when going abroad.

A lot of people are already covered for a lot of the stuff that stand alone policies cover e.g. credit cards, existing VHI policy, EU compensation rules for delayed flights, home insurance policy etc. etc. People need to check what they are already insured for before deciding to pay for travel insurance.