Theft Identity Insurance...is it worth it?

russppt

Hi

I just had a new balance transfer card from Santander and they tried to sell me some theft identity insurance offering:
Legal protection
Up to 60K
Persoanl fraud expert in the event
various other perks

It was all for around £80-£90 per year. I declined as the guy was irritating me. I real is it do you thin and is an insurance like this worth it?

Thanks for your feedback in advance.

Regards

Russell

olly300

In short no it's not.

There were reports a while ago that when people needed to use the service they were useless and took a long time to do simple things which the person could easily do themselves such as notifying card issuers of stolen cards.

The simple steps you can take yourself:
1. Buy a cross cutting shredder and shred everything with your name and address on that you want to throw away including bills and bank statements
2. Check your credit file with the agencies for £2/3 a couple of times a year.
3. Cover you PIN with your hand when typing it in anywhere
4. Don't take ID out with your unless you know you will need it.
5. Don't let anyone take your card out of your sight in restaurants, pubs
6.. If you get burgled, handbag with cards and id get stolen etc then:
a. Tell all your card companies immediately
b. Report the id stolen to the appropriate authorities
c. Apply for protective registration via CIFAS (google it)
7. If you move house:
a. Tell all companies immediately of your new address
b. Get all your post redirected for the full two years
c. Check your credit report
8. Keep an eye on your post and make sure you are getting all of it.

Id Theft insurance can't prevent someone raiding your bin to steal bank statements that you haven't bothered to shred, someone overseeing your PIN and mugging you or someone playing around with your post.

Oh and in regards to the personal fraud expert - due to the thousands of different backgrounds and occupations of people who post on this site on the different boards - banking, insurance, motoring etc - there is wealth of knowledge about the various frauds that people commit in every sphere you can think off.

vaio

A good general rule is if a financial institution is actively trying to sell you something then run away.

dunstonh

Look at things more statistically likely to happen before you start wasting money on things that are less likely.

i.e. death, retirement planning, income protection.

russppt

Thanks everyone, much appreciated.

Russell