Legally, some insurance is not required. If you have borrowed money from them to make a large purchase, such as a house or car, lenders, banks, and mortgage companies will need it.

You will need to have insurance on your loan in order to buy a car or a house. If you have a car loan, you will need insurance, and if you have a home loan, you will need insurance.

https://youtu.be/bLBngtBVAUo