Hi Raj,
Since your from also from Aus... I suggest joining
www.ozrenaultsport.com, its a good forum with lots of helpful advice and information. I had a long look here and there for info before I picked up my 182.
In terms of performance the 182 cup is quoted at doing 0-60mph in around 7.1secs, but I have read people saying they have done it in 6.8 or less. Thats pretty quick for such a small car, the Civic type r does it in around 6.6, and I think the Golf Mk V GTI does it in around 6.9. Suffice to say, you should be able to keep up with most competition, and around corners surpass.
Your best bet would be to do test drives on the car to see if its for you.
My insurance was $900AU (27yr old, rating 1, no accident history). I went with ING, which seemed pretty good. They are underwritten by CGU. It depends on what you are looking for. With ING you must use an agreed upon reparier, so you might not get who you want.... the best insurance for imports, but also more expensive is Shannons as they will let you choose repairer, etc.
In terms of performance boosts/mods, I cannot comment, as mine is still stock; I will eventually look at getting some, but prob not for a year or so (I need to pay the car off first). You will be able to find a lot of advice from people by searchin on these forums, and more specific to Australia (ozrenaultsport).
Hope this helps you out.
There were a couple of good reviews that I found that helped my decision....
http://www.webwombat.com.au/motoring/news_reports/renault-clio-sport-review.htm
http://yahoo.drive.com.au/Editorial/ArticleDetail.aspx?ArticleID=8986
http://uk.cars.yahoo.com/car-reviews/car-and-driving/renault-clio-renaultsport-182-cup-1004565.html
