When buying a car by stages, the ownership of the car temporarily belongs to the bank. To buy auto insurance, the bank needs to be the first beneficiary and write it into the insurance contract. In order to reduce the risk, the bank requires car owners to buy all risks.
To buy auto insurance, 4S stores or auto shops will require customers to buy auto insurance at designated places before the loan is paid off, and write this requirement into the contract. If customers default, they will lose their deposit.
If you have any other insurance questions, please come: protect more fish and talk about insurance.