Considered to be a mandatory step in ensuring the functional life of the vehicle owned, Auto Insurance is best.  It is stated to be a contract between the owner of the vehicle as well as that of the insurance company. Basically stating, this form of insurance is provided by the companies in times of financial loss happened because of accident. As a part of the agreement conducted between Insured and Insurance company, a person has to pay specific amount as insurance premium to the company on monthly basis. By doing…