Yes, comprehensive car insurance is worth it in Australia for most drivers, especially if your car is worth over $10,000, financed, new, or you cannot afford to replace it after at-fault crash, because it covers damage to your own car and damage you cause to others up to $20M, plus theft, fire, vandalism, hail, flood, towing and hire car. Cost is $800 to $1,500 per year for average car like Corolla or Mazda3, versus Third Party Property Damage $400 to $700, so extra $400 to $800 per year buys cover for your own car. If you have at-fault accident causing $15,000 damage to your car plus $10,000 to other car, without comprehensive you pay $15K out of pocket for your car, with comprehensive you pay only excess $600 to $1,200. For cars worth under $5K, comprehensive may not be worth it because premium $700 plus excess $600 equals half car value. For cars $10K to $40K, comprehensive is worth it because repair costs are high, average collision repair $3,500 to $7,000, and theft rate 50,000 cars per year. Comprehensive also covers natural disasters like hailstorm which can cause $5K to $15K damage, and includes new car replacement for 2 years if written off, choice of repairer and hire car. If you have loan, lender requires comprehensive. For young drivers, comprehensive with higher excess may still be worth it. So for most cars over $10K, financed or parked on street, comprehensive is worth extra cost for peace of mind and is tax-deductible if business use.
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