You REALLY REALLY need to read the fine print on that one hey.
You still need to pay your excess, AND they keep the car including all items in it, AND the rego (you can get a refund on this). Now working out some risk managment, say you wont crash for one year. So there is $1400 (2 years), then your excess, say $2000, then say 6months rego back $300, then whatever you could scrounge off the car... Do the sums. Your almost paying them to take your car off you...
Being serious, just get 3rd party, so if you hit a bently and then crash thru a shopping center your covered, you wont be up for millions. Drive safer. Leave a 3sec gap over the recomended 2 sec gap. Be nice let people in. Just reduce the risk as much as posible. And your insurance rating is still going up while doing all this, so in 3-4 years you might be able to afford full compo. By that stage you will prob have quite a few mods on the car, and really need it too