Car buyers usually decide to buy accident insurance according to the laws and policies of financial institutions, and whether they need to buy it depends on the local laws and regulations of financial institutions. In some regions or financial institutions, it may be compulsory to buy accident insurance for vehicle lenders to protect the interests and safety of borrowers in emergencies.

This kind of insurance usually provides compensation when the borrower loses his life or disability due to an accident, thus reducing the financial burden that the borrower and his family may face. However, whether it is necessary to purchase and the specific insurance requirements will vary according to regions, types of financial products and financial institutions.