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Identity theft insurance
Is Identity Theft Insurance Worthwhile?

An increasing number of consumers are suffering from the effects of identity theft and identity fraud. Many of us simply don’t realize how easy it is for ID fraud and ID theft specialists to assume our identities. They can, for example, access identity details from the garbage you throw away (such as bank statements and so on), they can divert and steal your mail, and they can pick up identity details online. With this rise in identity theft and identity fraud, there has also been a rise in identity theft insurance. This kind of policy gives you specific coverage against and help with the effects of ID fraud and ID theft. So, is it worth your while?

The benefits of insuring yourself against identity theft:

  • Money:  Identity theft insurance policies will give you a specific amount of money to help with any costs that you incur if you are a victim of this kind of fraud. This can help pay for phone calls, postage costs, legal fees, and can even cover you for the time you have to take off work if it is unpaid. It can also be used towards the costs of replacing driving licences and passports.

  • Alerts:  Most ID fraud policies will register your interest with one or more credit reference agencies who will be directed to contact you if some unusual activity is taking place on your credit record. So, for example, if a fraudster tries to take out a credit card on your account, and this is an unusual activity, then you will find out about it immediately.

  • Internet identity checks:  You may also be given access to internet trawling facilities that will give you a report on where your identity appears online. This can help identify identity theft and identity fraud blackspots.

  • Expert help:  Most identity theft insurance policies will give you helpline numbers and/or specialists who can work on your case with you. This can make it a lot easier to negotiate the ID fraud and ID theft recovery process.

  • Document Logging:  You may be able to log all of your valuable documents (such as credit cards and passport, for example) with your insurer so that they can store the details for you which can save time later.

The question of whether it is worth your while to take out identity theft insurance really is a matter of personal preference. You can take on all of the ID theft insurance services on offer here yourself if you prefer. For example, if you are a victim of identity theft or identity fraud, you can register with/get free help from credit reference agencies and keep a note of your own document details yourself.

But, for many people having ID fraud and ID theft insurance in place is simply an easier solution. One of the easiest ways to figure out if identity theft insurance is for you is to think about the time and money you would have to spend to put identity theft and/or identity fraud right. Then compare this with the cost of an ID fraud and ID theft policy.  You may well find that it is a small price to pay for peace of mind!

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