Australia has a special system of health cover for international students called Overseas Student Health Cover (OSHC). You must have health cover for the duration of your enrolment as a condition of your visa requirements. Click here for more info

 

Be aware that ambulance cover is sometimes not included in your health insurance. It often does not cost you more than $25 a year while an ambulance ride may cost you several thousands of dollars.

 

Home content insurance is good because it protects you against loss or damage from a list of events, e.g. storm or fire.. If you are renting it may cover "accidental loss or damage", like a broken window. But check out the policy to be sure about what the insurance covers.

 

Motor vehicle insurance is compulsory and it can either be "comprehensive" i.e. it covers any damage to your car as well as damage to the other car or another person's property. Or it can be "third party property" i.e. it covers damage caused by your car to another person's property. This type of insurance will not cover you for the cost of repairs to your own car, but it will be cheaper than the comprehensive insurance. ; Thirdly there is `third party fire and theft” i.e. it covers damage partly for damage caused by your car to another person's property, and restricted cover for damage to your car cause by theft or fire.

 

The insurer agrees to pay you a specified amount of money in the event that you become disabled and unable to work. You can also purchase "trauma insurance" to cover a medical trauma such as a heart attack.

 

If someone injures themselves in your house, you can insure yourself against liability. However, this does not cover people who work in your home, such as cleaners or contractors. States and Territories now have laws which limit an injured person’s common law rights to sue for negligence, place thresholds and caps on damages for pain and suffering, and limit the payouts for economic losses.

 

If going abroad a travel insurance may be good to cover lost of luggage and some medical assistance. It is not a replacement for home insurance or health insurance.

 

The insurance company will pay an agreed sum on the death of the person who is insured.