MAIN Your Money Insurance Identity Theft Insurance

Whether insured or not against identity theft, victims are usually not held responsible for fraudulent credit card charges incurred by identity thieves and overall the chances of becoming a victim are minimal - for now at least.

1 percent of adults overall fall victim to identify theft in the U.S. today, but according to a recent study, unauthorized access to checking accounts is the fastest growing form of identity theft. An estimated 2 million U.S. adult Internet users fell victim last year, and electronic fraud is expected to grow as phishing e-mails become more sophisticated in attempting to make off with your savings account.

A 2005 Identity Fraud Survey Report released by Javelin Strategy & Research and the Better Business Bureau found that most victims of identify theft spent an average 28 hours trying to correct the damage to their credit records.

Add to that the out-of-pockets expenses for legal bills, notary fees, copying charges, phone calls and lost wages - and the cost of identify theft rises to an average $750 per victim.

If you think the odds are high enough to warrant an identity theft policy, the costs are minimal. For $15,000 to $25,000 of coverage, a majority of insurance companies charge an annual premium of $25. Some of the major carriers, like Travelers who first offered consumers identity theft insurance in 1999, now offers an expanded program that provides the services of a consumer fraud specialist who can help reclaim your identity.

On the Web, find out more about the pros and cons of identity theft insurance and what it covers, along with tips on buying a policy, expert advice on recovering your identity, and additional steps you can take to protect your good name and your good credit rating before you lose it...

Is identity theft protection worth the money? - Feature article on Bankrate.com with background facts and information, interviews with industry experts, tips and advice on purchasing identity theft insurance, who is likely to need it, what it covers and doesn't cover, related links.

Tips on Purchasing Identity Theft Insurance - From the Better Business Bureau with advice on dealing with reputable insurance firms, questions to ask regarding deductibles, coverage limits and restrictions, and how to file a complaint against a business who fails to correct your billing records as a result of identity theft.

Insurers profit from your identity-theft fears - Balanced report on the risk of identity theft, what an insurance policy is most likely to cover, what to watch out for, additional tips on purchasing identity theft insurance from credit monitors, and links to related news and story articles, from MSN Money.

Identity Theft Insurance - Brief overview of the consequences of identity theft, links to major carriers and related resources to further information on identity theft protection.

Study Gives Insight Into Identity Theft - The Center for Identity Management and Information Protection (CIMIP) released a study on United States Secret Service cases dealing with identity theft that sheds some light on the victims and bad guys involved with this crime, from Web Pro News.

also see related features -> Phishing - Don't Get Scammed

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