Insurance
When you pay your vehicle's licence, part of the fee is for compulsory third party insurance. This covers you, or anyone else, for death or injury if your car is involved in an accident. However, it does not cover you for damage to your car or anyone else's.
Motor vehicle insurance policies and premiums vary (depending on the type of vehicle, your age, driving history, insurance claim history and other relevant factors), so it is a good idea to shop around and check out which insurance policy best suits you. Find out rates and fees. Make sure you know exactly what the policy covers you for, what it does not cover you for, what are your obligations and how you make a claim if you need to.
The Insurance Council of Australia provides some useful consumer information about insuring your vehicle.