If you still think about banks re-loaning bank deposits you're living in another century. Fractional reserve banking hasn't been a thing since (at least) the 1960s.
Depositing money isn't giving money to a bank. It's exchanging money for highly liquid debt and receiving interest in return. Giving money to a bank is a relationship where the bank pays you.
Also, the government already forces you to have auto insurance. This doesn't really seem any better or worse.
Banks borrow money cheap. Can a regular person do that? No. Of course not.
It's clearly about control/money. Same thing