Identity theft insurance policy | ID Theft Blog

There are many questions with regards to what actually makes up an identity theft insurance policy with some people confused as to whether they are covered for actual loss of assets and loss of earnings or just for costs associated with putting the situation right. We will now attempt to cover some of the more pertinent points regarding identity theft insurance and what it actually offers to you.

Legal costs

One thing which all identity theft insurance policies will have is the proviso to cover any legal costs should you become a victim of fraudulent/criminal activity. The extent to which you are covered for your legal costs will vary from policy to policy therefore it is very important that you are fully aware of the situation before you need to activate the policy.

Loss of earnings

A number of ID theft insurance policies will cover you for loss of earnings as you look to put right a very difficult situation. Again, there will be a limit on the amount of cover you have and this will vary from policy to policy so you need to be fully aware of the small print before proceeding. There may well be other conditions which you need to adhere to in order to get the best cover.

Actual losses

This is the sticking point with regards to ID theft insurance and the fact that very few policies, if any, will actually cover you for the potential loss of assets and loss of funds. This has been a bone of contention for some time now because many people automatically assumed that they were covered for any losses with regards to assets or funds. The reality is that at this moment in time no insurance company will cover a loss which could be potentially endless.

Reclaiming your assets

While there is an issue with regards to cover for actual loss of assets and loss of funds there may well be other ways to reclaim your assets and funds in the event of fraudulent activity. It may well be that your bank, solicitor, etc will themselves have some kind of cover in the event of fraudulent activity which they can activate and payout. This type of asset/fund reclaiming will vary from situation to situation although even if you?re not actually covered for losses incurred it may not be the end of the world.

Review

In the coming weeks and months we will review a number of ID theft insurance policies to show you exactly what they offer, how much they cost and whether they are indeed worthwhile. This seems to be one of the major areas which consumers are concerned about, value for money, what they are covered for and how much the policy actually costs.

We will speak with some of the U.K.?s largest ID theft insurance companies and get their angle and their opinion on the situation. It is something which will not go away despite the fact that many people automatically assume they will never be a victim.

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