Author Topic: Identity Theft Insurance? (Read 2045 times)

mtnbkr · « **on:** May 24, 2006, 05:26:07 AM »

My homeowners insurance company recently sent me a letter saying they now offer "Identity Theft Insurance" that can be added to my homeowner's policy for $20/year. It covers the expenses related to recovering from an ID theft and even some lost wages. The deductable is $250.

Opinions?

Chris

Art Eatman · « **Reply #1 on:** May 24, 2006, 05:44:38 AM »

Buy it.

The military uses the SS # as its serial #. That's on every piece of mail to and from any GI.

In Texas, the SS # is the driver's license #.

Due to War On Terror "protection", there's a form for the SS # to buy a car from a dealer.

To sell land, the SS# is required on a separate form (I just found this out, yesterday.) if you go through a title company.

In other words, government at the state and federal levels is aiding and abetting identity theft.

In 2004, some 60,000 cases of Identity Theft were investigated.

Aside from having a bank account emptied, or property bought and sold in your name, your credit rating can be thoroughly wrecked and it takes a bunch of time and lawyer money to try to fix things and have a life. Some report two and three years of misery.

And some get caught up in the criminal justice system, if the ID thief uses the name for illegal stuff.

$20/year? Check and see what it covers, but it looks very worthwhile, for starters...

Art

K Frame · « **Reply #2 on:** May 24, 2006, 05:50:16 AM »

For $20 a year?

Hell yes I'd get that coverage.

What are the exclusions and limitations?

Even more important, since we both have Erie insurance, where the hell is my offer letter? Do me a favor and save it, I'd like to look at it if I don't get anything from them in the next couple of days.

I caught a piece on the news yesterday about a private detective in Chicago and a reporter going around and checking garbage for personal information.

Even in this age of identity theft, the amount of personal information they were able to glean was pretty impressive, and most of it came from businesses such as doctor's offices and car dealerships.

mtnbkr · « **Reply #3 on:** May 24, 2006, 05:52:24 AM »

I think I will. I just hadn't heard of such a policy before and didn't know if it was useful.

Mike, do you have Erie for your house? That's why I got this letter, it's an add on to my HO policy. I'll save the letter for you.

Chris

K Frame · « **Reply #4 on:** May 24, 2006, 06:03:09 AM »

"Mike, do you have Erie for your house?"

Yes, that's why I mentioned that I'd not gotten the information yet. You and I have talked about our insurance company/coverage before; we both have car and home through Erie.

In fact, I think I'm going to give my agent a call. It's been a couple of years since I rang his bell.

I just hope it's not something that's offered depending on where the agent has his primary office. Sometimes companies do that when rolling out a new program. My agent is in DC, a legacy of when I first moved down here.

mtnbkr · « **Reply #5 on:** May 24, 2006, 06:25:05 AM »

I knew you had it for the car, but couldn't remember if you had it for the house. My agent is in Sterling.

Chris

client32 · « **Reply #6 on:** May 24, 2006, 07:43:10 AM »

Quote

In Texas, the SS # is the driver's license #.

Huh? I guess it might be in the magnetic strip, but I don't see my SS # on my Drivers License.

What actually has to be done to recover from Identity Theft?

charby · « **Reply #7 on:** May 24, 2006, 08:00:13 AM »

$20 a year, not too bad of a price. I bet the insurance company is making a mint because of the odds it will not happen to you. $250 deductable? Probably the average number of credit cards a person has at $50 each. So the compnay again make $ on your premium.

How fast will the insurance company restore your credit rating after you get your ID lifted?

C

mtnbkr · « **Reply #8 on:** May 24, 2006, 08:10:09 AM »

Quote

How fast will the insurance company restore your credit rating after you get your ID lifted?

Based on a quick reading of the letter, it doesn't sound like they do anything but pay for the expenses related to recovering your identity. It pays for the attorney, various fees, lost wages (presumably lost while working to recover ID), etc.

Chris

...has left the building. · « **Reply #9 on:** May 24, 2006, 08:19:06 AM »

I'd go for it, that is a good rider for only 20 bux/year.

K Frame · « **Reply #10 on:** May 24, 2006, 08:30:44 AM »

"How fast will the insurance company restore your credit rating after you get your ID lifted?"

I suspect that that is well outside the scope of what an insurance company can, or will, do.

charby · « **Reply #11 on:** May 24, 2006, 08:38:34 AM »

mike

I think its a will do. Would be pretty easy for the insurance company to setup an agreement with the credit reporting agencies in case this happens.

Charby

The Rabbi · « **Reply #12 on:** May 24, 2006, 08:40:17 AM »

Typically they limit coverage to $10k or something. Still very worthwhile. I wonder what happens when you make a claim under the policy. Do they cancel the whole policy?

K Frame · « **Reply #13 on:** May 24, 2006, 08:51:44 AM »

You misunderstand me, Charby.

My point is that the insurance company cannot, a bank cannot, a lawyer cannot, a police force cannot, RESTORE your credit rating.

They can only offer evidence to the credit bureaus that your credit record was damaged through actions not your own.

Whether or not your credit record has those entries cleaned from it, in essence restored to its pre-fraud status, is up to the three individual (and a number of smaller) credit bureaus.

That's one of the main points of contention against these internet businesses that say they will FIX your credit record -- they are promising a service that they cannot legally deliver, especially if the damage to your credit record was by you.

Whether or not an insurance company would set up an agreement with the individual credit bureaus is a good question. I suspect, thought, that it would be a lot more difficult for an insurance company to do this than you would suspect. The credit bureaus are notorious pains in the ass to work with.

charby · « **Reply #14 on:** May 24, 2006, 08:56:06 AM »

Thanks for the clarification Mike, it totally agree/understand. Yeah I have first hand knowledge/experience working with the three big bastards to clear something up, root canals are easier.

Charby

Art Eatman · « **Reply #15 on:** May 24, 2006, 09:58:04 AM »

client 32, I got my Tx DL in 1963, before they started using the SS #. For me, then, it's hearsay; I don't know when they changed over. But my son's USAF # definitely was his SS #.

Art

K Frame · « **Reply #16 on:** May 24, 2006, 01:28:04 PM »

" I got my Tx DL in 1963"

Jesus, that's 2 years before I was born...

Iain · « **Reply #17 on:** May 24, 2006, 01:44:21 PM »

So it's nothing like volcano insurance then?

mtnbkr · « **Reply #18 on:** May 24, 2006, 01:56:34 PM »

Quote from: Mike Irwin

" I got my Tx DL in 1963"

Jesus, that's 2 years before I was born...

That was 10 years before I was born. Tongue

Chris

K Frame · « **Reply #19 on:** May 24, 2006, 04:51:37 PM »

"So it's nothing like volcano insurance then?"

Those clouds... Look at'em up there... Just waiting for their chance.

News:

Author Topic: Identity Theft Insurance? (Read 2045 times)

...has left the building.