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Identity Theft Insurance

You can’t absolutely prevent identity theft, but now you can buy identity theft insurance.

Companies such as LifeLock, IDENTITY GUARD®, Trusted ID, and Guard Dog ID offer one million dollar service guarantees. But what does that mean?

To begin with, these companies will assist members through the process of recovery. Then it covers costs such as affidavits, application fees, travel, long distance calls, private investigators, case managers, and lost wages. Some offer lost wages up to 4 weeks and a maximum of $4,000 – others cap lost wages at $5,000.

Some pay lost wages only if you missed work due to problems with your employment qualifications as a result of the identity theft.

Some companies will reimburse you for any loss of funds which cannot be recovered from the identity thieves. Some companies require you to do the “leg work” and they will reimburse your expenses. Others promise to do that leg work for you.

Most say they will do all it takes to recover your good name and will help you determine where and how your identity was stolen – in order to prevent a reoccurrence.

Most do say “some restrictions apply,” so read the fine print before assuming that identity theft insurance covers all you expect it to cover.

Identity theft insurance is always offered as a part of the overall credit monitoring service provided by these companies. Prices range from about $8 per month up to about $15 per month. Some offer discounts for payment a year in advance.

In order to see which plan is best for you, read the details and compare the offers.
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