Is Comprehensive Motor Insurance necessary?
Comprehensive Motor Insurance isn’t mandatory in Australia but there are benefits to having it. If you choose not to take out Comprehensive Motor Insurance and you or the driver of your vehicle is at fault in an accident, you’ll be responsible for the cost of any damage to your own vehicle as well as for the damages caused to any third party property.
Did you purchase your vehicle with a loan? Some financial institutions might require you to have Comprehensive Motor Insurance if you took out a loan to purchase your vehicle.