Yes, travel insurance is still worth carrying for a trip to Toulouse, even though France offers some of the best hospital care in Europe. The honest reason to carry cover here is less about danger in the city itself and more about what your own health cover actually includes once you cross the border, plus what happens if your Toulouse trip extends south into the Pyrenees. Toulouse, known locally as the Pink City for its terracotta brick architecture and home to Airbus's main assembly operations, has excellent big-city hospital care by any standard.
Whether your existing health cover applies in France depends entirely on your country of residence and specific plan - EU citizens with a valid EHIC or UK travelers with a GHIC card get access to French public healthcare on broadly similar terms to residents, but neither substitutes for a full travel policy covering repatriation, private care, or non-EU visitors entirely outside that system. Check whether your existing health cover extends to France specifically before assuming an EHIC or GHIC alone is enough for your trip.
Many visitors continue from Toulouse into the Pyrenees for skiing at resorts like Peyragudes or for summer hiking in the mountains further south, and both carry real risk a routine city-trip policy sometimes underinsures - winter sports riders and mountain rescue cover are not automatic in every policy. Confirm your policy names winter sports and hiking specifically if the Pyrenees are part of your plans, and check any altitude or off-piste exclusions before booking a lift pass.
Keep any clinic invoices or hospital paperwork from Toulouse or the Pyrenees, and check your policy's claims process before relying on memory afterward - French providers, like most in the EU, issue standard documentation on request. Many policies also want notice before non-emergency treatment or mountain rescue is arranged, so review the wording rather than assume reimbursement is automatic once you are home.