The City regulator has accused insurance firms of seeing customers as pound signs in the so-called 'add-on' market, worth £1bn annually.
The Financial Conduct Authority confirmed proposals to reform the industry on Tuesday, nine months after it began a market investigation into the products.
A general insurance add-on is an insurance product that is sold alongside goods or services, a car or holiday for example, or other principal insurance products such as home insurance.
Christopher Woolard, director of policy, risk and research at the FCA, said: "There's a clear case for us to intervene. Competition in this market is not working well and many consumers are simply not getting value for money.
"Firms must start putting consumers first and stop seeing them as pound signs.
"We believe our proposals will address these issues and prevent consumers paying for poor-value insurance products that they may not need or use."
It is recommending the banning of pre-ticked boxes, forcing firms to publish claims ratios and breaking the point of sale advantage for guaranteed asset protection (GAP) insurance, usually offered alongside car sales.
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