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yes. They are very different thingsE111 just means that you can get medical treatment, travel insurance covers any accidents/hospital costs, loss of belongings, cancellations, delays, etc.Travel insurance is very importatnt to have and pretty cheap as well!
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If you don't have travel insurance, then you probably won't be covered to get a new flight if you miss a flight due to circumstances outside your control. You also won't have your costs covered if any of your possessions are lost or stolen. You probably will have enough medical cover as long as you don't do any sports where you could get injured (skiing, scuba, etc) but you won't be covered for any other problems. If you travel regularly, it might be worth you buying an annual insurance policy, as these cover you for a whole year for about £50-60.
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The E111 will cover you for health care in the EU countries in as much that it will not cost you as much as it would be without it. The travel insurance will cover you for what you do have to pay. It will also pay for your return journey by air ambulance or any other appropriate way. It will pay for your travelling companion to have hotel etc while visiting you and arranging all other things. It covers for the costs that you would still have to pay if your holiday was cut short. The list is quite long so have a chat with an insurance broker and they will give you all details. DO NOT take out one from the travel agent as it is usually not very good. Get a private one from some company such as Flexicover. They do have a web site.
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