Is ID theft insurance worth the money?
There is a growing debate within the financial sector with regards to ID theft insurance and whether it is required and whether it gives value for money. Currently many credit cards companies and banks will offer ID theft insurance as part of an overall financial package but you need to be aware of the small print and exactly what you're covered for.
At this point in time, as long as there is no negligence on behalf of the victims, it is unlikely that banks and credit card companies will chase customers for outstanding fraudulent funds. However, this is a situation which could change in due course as the number of ID thefts continues to rise and the amount of money being "lost" continues to mushroom. Many experts believe that ultimately there will be a need for private ID theft insurance although whether we have reached that stage as yet is open to debate.
It is worth keeping a close eye on the protection offered by your bank and by your credit card company because even if you are an innocent victim of ID theft you may well not be covered for every eventuality. It really could happen to you!
Share this..
Related stories
Life Insurance ‘Too Expensive’ for Brits
Research from Beagle Street has found that Brits are shunning life insurance policies in large numbers, because they believe it is ‘too expensive’ 39pc of people who took part in the research claimed they felt that life insurance policies cost too much, despite the fact that prices start from just £3 per month. This means that more than half of British adults are at risk of leaving their...
Read MoreCar insurance
Unlike most other types of insurance, drivers in the UK are required by law to possess car insurance that covers them for the car they are driving. The Road Traffic Act 1988 says that you must have some kind of insurance or protection against liability to third parties in the event that personal injury is inflicted upon them, or that their property is damaged, as a result of your use of the road....
Read MoreDon't soup up your sierra, kids
Younger drivers are always going to pay higher car insurance costs than older, more experienced drivers, but the British Insurers Brokers' Association (BIBA) says that souping up your car will just pump up your premium further.BIBA says it is advisable to buy a smaller, cheaper car, which is less likely to do major damage to other vehicles on the road should an accident occur, but although the tem...
Read MoreUK insurers may need to raise £70 billion
As we near the introduction of the EU solvency II directive in 2012 the battle lines are certainly been drawn with the Association of British Insurers today suggesting that UK insurance companies may need to raise as much as £70 billion in the short term to cover the new regulations. The regulations, expected to become law in 2012, would require a total recapitalisation of the insurance sector in...
Read MoreSimple ways to save money : Insurance premiums
The average home in the UK is likely to have a number of insurance policies in place including home insurance and car insurance to name but two. It is also well known that the vast majority of people throughout the UK tend to pay their premiums monthly rather than one-off payments at the start of every year. However, while there are upsides to paying monthly premiums there are also significant dow...
Read More