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Comprehensive car insurance covers your own vehicle for accidents, theft, and weather events, plus damage to third parties. Third party property insurance only covers damage you cause to other people's cars or property — your own vehicle is not covered at all.
If your vehicle is financed, your lender will almost certainly require comprehensive cover. For unencumbered vehicles worth over $10,000, comprehensive is generally the right call. For older cars where market value is low — say under $5,000 — third party cover can reduce premiums, but you accept the full risk of losing the car in an at-fault accident with no payout.
Compulsory Third Party (CTP) insurance — called a green slip in NSW — is required for every registered vehicle. It covers personal injury claims arising from accidents your vehicle is involved in. CTP does not cover property damage. All voluntary cover types (third party property, third party fire and theft, comprehensive) are purchased separately on top of CTP.
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