According to the relevant regulations, it is a compulsory transaction for a guarantee company to require car buyers to insure in their designated insurance companies. At the same time, it is not stipulated that a loan to buy a car needs to buy insurance in an insurance company. In addition to compulsory insurance, other insurances should also be freely purchased. The loan car didn't go to the company to renew its insurance, so it has no right to collect it.

Renewing insurance is the act that the insured applies to the insurer to extend the term of the insurance contract or go through the insurance formalities again when the insurance contract is about to expire.