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Do You Need Identity Theft Protection?

Close up to a closed lock on top of several credit cards depicting identity theft protection.

For years, people have relied on the internet for various services, from shopping to entertainment. That need has increased during the coronavirus pandemic. The e-commerce market is expected to grow by close to 20 percent in 2020, and other online services are up, as well. 

While these online services are convenient, they put you at risk for identity theft. Every time you go online, you run the risk of having your identity stolen. If that happens, the court will impose the identity theft penalty on the perpetrator. However, the fines and jail time won’t help you out of the predicament. You’ll have a lot of work to do to recover from identity theft, and that work can be expensive.  

Fortunately, you can get identity theft protection in the form of insurance. This will make it easier to rebound from identity theft. Learn more about identity theft insurance and find out if it’s worth it. 

What Does Identity Theft Insurance Do?

You might wonder, “Should identity theft be insured?” Before answering, you need to know what identity theft insurance does.

This form of identity theft protection does not pay for the financial losses you experience as a direct result of identity theft. However, it does cover many of the out-of-pocket expenses you can expect when you try to put your life back together. 

Policies have different features, but most cover the expenses related to:

  • Pulling credit reports
  • Setting up a credit-monitoring service
  • Getting antivirus software
  • Handling legal fees
  • Conducting public records searches

Plans also generally cover the wages you’ve lost as a result of recovering from identity theft. If you have to take time off work to go to court or the police, the policy will kick in and reimburse you. 

young woman in laptop online shopping with identity theft protection

How Much Does Identity Theft Protection Cost?

Because it covers so much, you probably expect identity theft protection to be expensive. But the insurance usually ranges from $25-$50 each year. For that yearly fee, you can likely get coverage for up to $25,000 in expenses.

Is Identity Theft Insurance Worth It?

If you are an uninsured victim of identity theft, you can expect to pay lots of money out of your pocket. Because your identity was stolen, you will need a premium identity theft service. That can cost you just $60 for a 6-month plan and $100 for a 12-month plan. That alone will pay for your identity theft insurance. Add in the other expenses, and you will come out ahead if you have to use your insurance policy. 

Get a Quote for Identity Theft Protection

You are likely using the internet more now than ever, making it the ideal time to purchase identity theft insurance. The right insurance policy will protect your financial interests and give you peace of mind. 

Contact a licensed insurance agent to learn more about your coverage options and to compare quotes. With the help of an agent, you can find the right policy for your specific needs. You will then feel more confident when you use the internet to shop, watch movies, and more. 

Did you know that Freeway Insurance offers Identity Theft Protection? Give us a call for a free quote and get protected today!

Ready to Get a Quick Quote?