You can expect your motor insurance premium to go down in 2018. Some general insurance companies have announced a reduction of 5% to 20% in the own damage (OD) part of motor insurance premiums from 1 January 2018. While companies like Bajaj Allianz General Insurance Co. Ltd, ICICI Lombard General Insurance Ltd and Universal Sompo General Insurance Co. Ltd have already cut the OD premiums, others like HDFC Ergo General Insurance Co. Ltd and Future Generali India Insurance Co. Ltd are also expected to implement the reduction, though they have not finalised its quantum yet. Who benefitsMotor insurance, including personal and commercial vehicles, is the largest part of general insurance in India. Premiums for this part of a motor insurance policy are not fixed by the regulator and insurers can price it as they see fit; hence the ongoing offer of lower premiums.

Source: Mint January 16, 2018 11:26 UTC