In Australia, it is strictly mandatory by law for every motor vehicle to have Compulsory Third Party (CTP) insurance active before it can be registered and driven on public roads. However, CTP insurance exclusively covers bodily injuries or death caused to other road users and provides zero financial protection for property damage. While third-party property damage and comprehensive car insurance are optional by law, driving without them carries immense financial vulnerability if you cause a collision with an expensive vehicle or public infrastructure, making optional property coverage practically essential.
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