Yes, the product provides cover for both single vehicle accidents (e.g. falling trees, hitting a kangaroo on the road) and multi vehicle accidents up to your chosen excess value, either $4,000, $6,000 or $8,000, providing that damage is the result of an accident or the vehicle being stolen.
The product also provides cover for windscreen and tyre damage, underbody and overhead damage. These types of damage are often excluded from products sold by the car rental companies.