ID theft insurance, the hard facts before you spend hard money
Here’s the $1 million question… do you really need $1 million in ID Theft Insurance? That’s what a lot of companies offer as an ID Theft insurance benefit. And they’ll charge you more than $150 a year for it.
We are all for protecting against ID Theft. After all 12 million Americans were victims of ID theft in 2012 and we offer our own protection that prevents, detects and resolves ID theft. We give you affordable ID Theft protection, not unnecessary insurance coverage. So here are a few tips and facts to keep in mind if you’re thinking: “do I need to get $1 million in coverage for ID Theft?”
Read the fine print first…
…you’ll find it in the terms and conditions of any insurance policy. It looks long and boring and complicated. It probably is. But it really is worth reading. You may find that $1 million of ID Theft coverage is secondary insurance only. And that means other forms of insurance - like homeowners or renters - will get hit first. What’s more you may have to pay a deductible before claiming homeowners or renters insurance benefits too.
You may also find that the insurance provides for low-cost incidentals connected to the ID Theft like loan re-application fees, credit report costs, notary fees, and lost wages. Some policies in the market place today limit lost wage claims to the time it takes to rectify the loss or $1,500. That’s still nowhere near the total benefit of $1 million.
The biggest reason to have $1 million worth of protection is for criminal defense fees if you’re charged with a crime that was actually committed by your ID thief. But it still makes sense to read the small print… in many cases you’ll only be paid if charges against you are dropped or the case results in an acquittal.
Source: Consumer Reports, February 2012
Fraud costs are not as high as you think
Here are a few stats from a 2011 Javelin Strategy & Research Study:
So, what’s that million dollars for again? The reality is that the real pain of ID theft is often the time, stress, and hassle it takes to sort it all out. One last figure from Javelin… it takes an average of 33 hours to resolve ID theft related incidents.
So, here’s our take… you may not need that $1 million coverage benefit – and high premium that comes with it. Instead a lower cost protection plan that gives you reliable prevention, detection and resolution services will be just as good – and could be half the price or even less.
Get ID Theft Protection for just $69.99 a year
Our ID theft protection plan gives you comprehensive coverage you can really count on:
If that sounds like the kind of protection you’d like by your side, you can get it from just $69.99 a year.
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