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Identity Theft insurance?

Old 10-18-2007, 01:15 PM
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Default Identity Theft insurance?

How many of you have Identity Theft insurance?

If so what company?

Do we really need it?

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Old 10-18-2007, 01:27 PM
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Default RE: Identity Theft insurance?

Never heard of it. Sounds like a gimmick to me.
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Old 10-18-2007, 01:29 PM
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Default Re: Identity Theft insurance?

http://www.4lifelock.com/ I've been wondering about that myself...

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Old 10-18-2007, 01:43 PM
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Default RE: Identity Theft insurance?

I was looking at that one, and Bank of America has there own(my bank). Problem I have seen, that you have to have two accounts for you and the wife.
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Old 10-18-2007, 01:46 PM
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Default RE: Identity Theft insurance?

Come on guys, how is insurance going to change anything about what it's going to take to straighten out your credit after this?

Maybe I'm wrong, but doesn't most identity theft result in credit card aquisition which you aren't going to be held liable for anyway?
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Old 10-18-2007, 04:49 PM
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Default Re: Identity Theft insurance?

Your Home-Owner's or Renter's insurance agent can add an ID theft clause for a reasonable cost. Standalone policies offerred by Neverherdofem is likely to be just a scam and will have a bajillion exceptions which you wont know about until you've paid the premium.

Good luck!
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Old 10-18-2007, 05:11 PM
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Default Re: Identity Theft insurance?

In Florida, If you have a problem fill out a police report, call the credit bureaus, notify your banks, banks refund the money...Really no need for that stuff its all a gimick//
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Old 10-19-2007, 06:15 AM
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Default Re: Identity Theft insurance?

Just looking over an identity theft endorsement offered by one of our companies and here are some highlights. First, it will cover identity theft for any insured. There is a limit of $25K on this particular endorsement. It does cover monies and also pays for a case management service to help you make sure you cover all the bases. It also covers the extra expenses incurred to straighten out your credit including up to $5k in lost wages.

Other covered expenses are such things as 12 free credit reports for 12 months, attorney fees, costs of filing affidavits, defense costs for suits brought against an insured, and costs to remove any civil judgements caused by the identity theft.

Not saying I'm for it or against it, just some clarification on what it covers. BTW, the annual premium with this particular company is $25.
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Old 10-19-2007, 09:01 AM
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Default Re: Identity Theft insurance?

Nationwide has it!

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Old 10-19-2007, 09:43 AM
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Default Re: Identity Theft insurance?

Most ins. co. are now offering this coverage and it mainly covers the cost and man power to clear up the mess that can be caused by identity theft. Most of the time its just a credit card but it can get much worse if some truley steals your identity and runs up hugh bills. I know of one person who had his identity stolen and it took him over a year and hours of time to clear up his credit. I purchased the coverage after what I saw he went through and its only a couple of bucks a month.
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Old 10-19-2007, 10:47 AM
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Default Re: Identity Theft insurance?

You can also get picked up for the other person's arrest warrants!
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Old 10-20-2007, 12:22 AM
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Default Re: Identity Theft insurance?

This is the BIGGEST SCAM being pulled off on people ever.

I worked for a federal agency (part of DHS) that lost my personal information. It was stored on some kind of "removable media" and they do not know where it is. They can not secure a hard drive inside their HQ building, but they expect us to believe they can secure other things.

Anyway, they are giving me pretty good ID theft monitoring for a year. So all someone has to do is sit on the data for a year. It is good monitoring - or so they say. I registered with them and provided a cell phone number. Supposedly if any new credit is applied for, my phone rings within a few minutes. I should test it by applying for instant credit at some store.

Now call me crazy, but why the hell do I need to pay for insurance or a monitoring service? Really. Lets say someone steals my ID and gets a loan from a bank. How in any way is that my problem? The bank is the one who screwed up here, not me. The bank issued the credit. The bank is the one who failed to check things out.

But somehow, it is my problem. Somehow my credit gets messed up. Somehow the motor home dealer is looking for me because of the default on the $150,000 thing I never bought. Hey - not my problem guys! You all screwed up. There is this thing called "research". Do it.

So now I have to pay the credit agencies money so they can "watch my credit"? Sounds like EXTORTION to me. Pay me - or else someone could steal your credit and run up bills and screw you up! That is a lot like the mob telling the corner barber shop "it would be a shame if this place was set on fire tonight, but for $500 a week we can see to it that this does not happen".

But if the mob does it, it is illegal. If the banks do it, then it is "insurance". Scam scam scam.

But you better do it, or else someone could steal your credit! How can I start my own legal extortion business? At least I would be honest about it. I would call my company "pay me or else!"
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Old 10-20-2007, 02:33 PM
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Default RE: Identity Theft insurance?

Protect your ID?!

No problem just send me your SS # and a copy of your last electric bill.....
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Old 10-23-2007, 09:50 AM
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Default Re: Identity Theft insurance?

I am insurance agent in NJ, and all of our companies offer some type of coverage as well. You may think the coverage is a $25 scam, but it isn't. The costs incurred to get things straightened out can be enormous. I am not talking someone getting a credit card number and running up a couple of hundred dollars worth of bogus charges. I had a potential client that found out from me that he had 11 "accidents" on his record. I ran into him two years after finding out and he said he was still going through hassles of getting it straightened out. He carries around a file about 3 inches thick in case he is stopped by the police.

I have a friend who is car salesman. She told me she just had a case where someone came in to buy a car and gave a drivers license and credit card with her friend's fathers (the father was in a nursing home I think) information. The picture was of the customer, but the license number and address (which she recognized) were the fathers. They called the police as the guy was sitting there.
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