Here's my experiences with them in a really really short paragraph, got side swiped by a van in melbourne CBD, took he's rego, license, made a claim... was told "no problems you pay now we get the money back it wont take long and %99.9 of the time you get the money back". Long story short I never got it back, I made between 35-40 calls to bingle over a 10 month period. In the end after having the matter reviewed the decision was basically made not to return my excess of 1100$ because the court costs would be too much to retrieve said excess.. So I ended up wearing the costs.
Basically unless you have to be with bingle, or dont plan on making any claims unless you've written your car off and are at fault. DO NOT BOTHER WITH THEM.
Rego includes CTP which is about the person get injured in the car. As long as you have your rego, you can legally drive the car....BUT:
no matter your car is old or new, even you don't want to fix your car, at least you should buy a third party which will insure some car or building hit by you.