You don’t think twice about protecting your shiny car, and in most states, you don’t have a say (quite frankly). But there is another type of insurance that people should consider, and many employers, banks, and institutions are considering making it mandatory as well. Let’s take a look at why….
The financial loss associated with identity theft has doubled in the last five years, and it will undoubtedly continue to climb. Considering that identity theft affects twice the number of people dealing with car crashes, and it costs a whole lot more, it’s no wonder identity theft protection is becoming mandatory.
Where’s the value?
Think of it another way. Most everyone pays to protect an asset (your car) that depreciates the moment you drive it off the lot, so why not protect an asset that not only can appreciate in value but affects every part of your finances – even your car payment?
Your good name, Social Security Number (SSN), and credit (score and report) all play a part in your finances. They influence your housing, your employment, your loans, your lines of credit, and more. When taken care of, they can increase in value and improve your financial standing – for example, a better payment history leads to a better credit score, which leads to a better interest rate.
However, when you become a victim of identity theft, you could lose it all.
You could lose your good name and reputation when a criminal gets a hold of your personal information and uses your name as an alias to commit a crime. They could hack into databases for your SSN and credit information, and use it to drain your bank accounts or open lines of credit so they get the money, and you get the debt.
Bottom line: your personal information is an asset worth protecting.
Average monthly costs of each?
Plenty of factors go into the cost of auto insurance, like state of residence and age of the driver, but on average, car insurance costs between $100 and $200 a month.⁴ Whereas, the monthly payment for protecting your identity is a fraction of the cost.
How does identity theft protection work for me?
It’s important to remember that not all identity theft protection plans are created equal. Many protection plans boil down to credit monitoring. While credit monitoring is a crucial part of protecting your identity, it’s certainly not the end-all-be-all way to discover the handiwork of a thief and defend your good name.
Good identity protection should include the following three things:
1. Comprehensive Monitoring: A protection plan should monitor more than just your credit report. Your name, date of birth, SSN, email, phone number, and address, et cetera, should be monitored. Moreover, a credit report isn’t the only place a thief can do damage, so monitoring things like national databases and the internet should be included.
2. Accurate Coverage: As with your car, you need insurance to help combat the extreme costs of a bad accident. A protection plan should have an insurance policy that can help you with things like getting reimbursed for stolen funds and/or the cost of repairing your finances and reputation.
3. Personal Assistance: A car accident is emotionally and physically draining, so it can be difficult dealing with the consequences and necessary repairs. Being a victim of identity theft is no different. A good protection plan will offer assistance for victims, with adequate support and guidance for the best possible recovery and resolution.
What coverage do you get with My Secure Advantage (MSA)?
MSA’s identity theft protection plan offers many of the key factors you need to feel more secure about your personal information:
Identity theft is one of the fastest-growing crimes in America. Now is the time to make sure you are protected. Call your Money Coach for more information at 888-724-2326.
My Secure Advantage® does not monitor every transaction at every business. No service can stop all identity theft events.
Credit score and credit report updated with TransUnion.
This content is for informational purposes only and does not guarantee eligibility for the program or its services. My Secure Advantage, Inc. or any of its representatives do not endorse any of the websites or company names listed here. The information presented is not to be a substitute for seeking advice specific to your situation from a legal or financial professional. If legal or financial advice is required, contact an attorney or financial advisor. For full Terms & Conditions, visit mysecureadvantage.com/terms-of-use.
¹“Car Crash Fatality Statistics.” statisticbrain.com. Statistic Brain Research Institute, n.d. Web. 11 Jan. 2016.
²Blincoe, L. J., Miller, T. R., Zaloshnja, E., & Lawrence, B. A. (2015, May). The economic and societal impact of motor vehicle crashes, 2010. (Revised) (Report No. DOT HS 812 013). Washington, DC: National Highway Traffic Safety Administration.
³“Identity Theft / Fraud Statistics.” statisticbrain.com. Statistic Brain Research Institute, n.d. Web. 11 Jan. 2016.
⁴Quinn, Brian. “Average Cost of Insurance: Car, Home, Renters, Health, and Pet (2016).” valuepenguin.com. ValuePenguin, n.d. Web. 11 Jan. 2016.
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