Identify theft inusrance coverage - worth it?

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markcoop
Posts: 1516
Joined: Fri Mar 02, 2007 7:36 am

Identify theft inusrance coverage - worth it?

Post by markcoop »

Do people here have Identity Theft Insurance Coverage? Costs an extra $25/year (I think that's for my family of 5). It covers up to $25,000 in lawyer and notary fees should someone run off with your identity and ruin it. It does not cover fraudulent credit card transactions.

Opinions?
Mark
runner3081
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Joined: Mon Aug 22, 2016 3:22 pm

Re: Identify theft inusrance coverage - worth it?

Post by runner3081 »

Honestly, it is worthless in my eyes. Employer provides our service and I would never pay for it.

For monitoring, Credit Karma/Sesame, Discover or Chase provide what you need for free. Notary is free at most banks.

For the most part, if identity is stolen, you have to do most of the legwork yourself.
delamer
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Joined: Tue Feb 08, 2011 5:13 pm

Re: Identify theft inusrance coverage - worth it?

Post by delamer »

We have it. Same $25 price for four people. Given the low cost and that we manage all of our finances online, it made sense for us.
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
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Nate79
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Location: Delaware

Re: Identify theft inusrance coverage - worth it?

Post by Nate79 »

I believe this is covered under our home owners insurance.
BogleMelon
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Re: Identify theft inusrance coverage - worth it?

Post by BogleMelon »

I have AAA, it is included.
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Topic Author
markcoop
Posts: 1516
Joined: Fri Mar 02, 2007 7:36 am

Re: Identify theft inusrance coverage - worth it?

Post by markcoop »

I have Allstate Motor Club. Maybe it's included? I'll need to check.

At $25/month, it's certainly cheap enough.
Mark
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tooluser
Posts: 1551
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Re: Identify theft inusrance coverage - worth it?

Post by tooluser »

My homeowner's insurance has it "included", as do a few "there was a massive data breach so we will provide you some protection for a couple of years" organizations. I would not pay extra for that alone.

How many notarizations do you need a year? You can usually find those for free with the business you are transacting. In my experience, most financial transactions don't use a notary, but an authorized bank officer instead (Treasury rules instead of Commerce rules).

The title reminds me of Logan''s Run. Perhaps in the future Identify Insurance will be more valuable. Might help prevent an early retirement.
Like good comrades to the utmost of their strength, we shall go on to the end. -- Winston Churchill
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Doom&Gloom
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Re: Identify theft inusrance coverage - worth it?

Post by Doom&Gloom »

Does anyone here even personally know anyone who has collected from one of these?
scooterdog
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Joined: Fri Mar 29, 2013 7:42 am
Location: Potomac MD

Re: Identify theft inusrance coverage - worth it?

Post by scooterdog »

What I've decided to do is get a credit freeze.

I have all the credit and credit cards I need, and do not plan to get additional credit (I.e. buy a house or get a HELOC). And a few years ago when I really wanted a certain reward credit card, unfreezing it was fast and easy, done online with a PIN (that was long and assigned and be sure you don't lose it).

Several years ago it required a phone call, the online method now is flexible (you state the start and stop dates for unfreezing), and in my state it costs $5 or $10 per bureau, so there's that.

Here's some https://www.washingtonpost.com/business ... a7dfe4caaa info about it.

Just a few months ago we received a cellphone provider notice that an account application was denied, which we did not apply for. I figure we dodged that fraud.
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Phineas J. Whoopee
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Re: Identify theft inusrance coverage - worth it?

Post by Phineas J. Whoopee »

My homeowner's policy covers it without an additional line-item charge. It's limited to a specific maximum for recovery services, direct losses, and to an extent lost wages due to working on the effects of the theft rather than whatever my employer wants me to do. I seem to recall I'd have to exhaust all vacation days to collect on that last part. I don't know that I'd buy it if it wasn't already included in the main policy premium. I should think it's cheap for the insurance company to offer.
PJW
MikeG62
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Location: New Jersey

Re: Identify theft inusrance coverage - worth it?

Post by MikeG62 »

It is covered by my umbrella insurance policy.
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