Whilst waiting for the learned community to provide chapter and verse, I'll jump in with a short answer.
Yes, it's a bit like car insurance. One can insure 'fully comp' or not, although the or not version tends to be 'ground risks only' which rather defeats the object of aircraft ownership (useful when refurbishing though, for example).
What you pay depends on your experience, what you intend to do in your machine, where you wish to do it and who might also be doing it as PIC - all pretty much like the car insurance you're familiar with.
I can't give you any idea about costs other than my own but if it helps, for a 1946 Champ, insured for two named and (allegedly) experienced pilots, the last premium was £758. This gives £1,500,000 legal liability to passengers and third parties & Crown Indemnity of £7,500,000, both of any one accident.
Permitted use: business and pleasure. Geographical limits: Europe, basically, but I could quote all six lines of countries listed, including the bit about North Africa 'North of 30 degrees North, West of 30 degrees East (excluding Libya)'.
Whilst one can shop around for quotations, the number of underwriters is very small.
Oh yes, some isurance policies insist on 'ten hours on type' beforehand, which I encountered when getting cover to fly my partner's Rans.
My own insurance company acknowledges total time, but oddly, perhaps, cares not one whit if it's tailwheel time.
I'm sure better answers will follow, but this might give you a starting point.