You pay this type of insurance once a year when you go to register your car. In New South Wales it is called a 'green slip'. Numerous insurance companies have green slip policies and they vary in price. It is a good idea to shop around for the best deal. If you, the driver, are found to have caused a car accident, third party property insurance covers you for damage to other vehicles and property.
Comprehensive insurance includes everything.
It covers third party property, fire, theft and accidental damage to your own car. If your car is written off or stolen, the insurance company will pay its estimation of the value of your car. The amount insurance will cost you depends on your age. Unfortunately, it is a lot more expensive if you are under 25, because your chances of being in an accident are a heap higher. As your driving record improves, the amount you have to pay decreases.