Yes, you do need to insure the vehicle before you receive your loan proceeds. Please provide J.J. BEST BANC & CO. with a binder or other proof of insurance listing J.J. BEST BANC & CO. – BEST BANC BUILDING 60 N. Water St. New Bedford, MA 02740 as Loss Payee. J.J. BEST BANC & CO. is also proud to offer classic car insurance that is available in most states.