ID Theft

Is identity theft insurance a waste of money?

Public Comments

1. I sure hope not!....lol
2. I suspect most of the offers are a waste of money. There are a lot of companies out there who have responded to the legitimate fear people have about identity theft by marketing various plans that they say "protect" you against theft. None of them can actually stop identity theft from occurring, but they can monitor the use of your cards and your information, see what accounts have been opened in your name, etc. The important thing with any insurance - or any contract, really - is to read the fine print. Identity theft policies come in all sizes and shapes. At the worst, they do nothing you couldn't do yourself and you have given yet another company your personal information. At the best they probably do manage to head some of the criminals off at the pass. Many companies are now offering identity theft insurance packages to their employees. We had one offered to us recently, but we decided to take a pass after reading the details. You have to weigh the services you are buying against the knowledge that you are giving your information to a new bunch of strangers, employees who might be working from home on unsecured computers, etc. Same old same old.
3. Like 65% Water said, just make sure you know what you are actually paying for and then decide if it's worth the money to you. While many don't, some plans will actually do the work to repair the damage done by identity thieves.
4. It depends on if u go thru a good company or not