(a) If insurance is requested or required in connection with a retail installment contract and the retail installment contract includes a premium or rate of charge that is not fixed or approved by the commissioner of insurance, the retail buyer is entitled to furnish the insurance coverage not later than the 10th day after the date of the contract or the delivery or mailing of the written statement required under § 348.204, as appropriate, through:
(1) an existing insurance policy owned or controlled by the buyer; or
(2) an insurance policy obtained from an insurance company authorized to do business in this state.
(b) When a retail installment contract is executed, the retail buyer is entitled to purchase the insurance described by § 348.210 and select:
(1) the agent or broker; and
(2) an insurance company acceptable to the holder.