Ah, but what your paying for over here, is far more than you pay for over in Auz.
Here, your £5000 insurance will go towards some lazy bum in Birmingham who doesn't want to work for a living and will crash a car to claim wip lash. It will also go towards paying for a company to advise said user what law firm to use to sue correctly, and then in turn pay for his legal action. LOL
Got to love British motoring.