Updated: January 16, 2014
LifeLock's identity theft insurance goes beyond just covering the legal fees associated with reclaiming your identity. They also pay for any wages you lose if you have to take time off work to deal with an identity fraud issue, and they cover any travel expenses you incur. Child and elderly care are also covered for up to $200 per day under LifeLock's identity theft insurance. Identity fraud may also require you to replace important documents like your driver's license or passport. These expenses are also covered by LifeLock. One really great feature about their identity theft insurance is that they reimburse you for up to $10,000 worth of stolen funds caused by identity theft. In many cases, this should be enough to make up for what was lost. You won't have to pay a deductible when using their identity theft insurance, and with coverage of up to $1 million and dedicated support agents, you can be sure LifeLock will be there to help you when you need it.
Like LifeLock, Privacy Guard identity theft insurance offers up to $1 million in coverage, and you don't have to pay a deductible. Included in this coverage are legal fees, notary fees, and any phone or mailing fees directly related to your attempt to reclaim your identity. If you have to file any credit applications again after becoming a victim of identity theft, Privacy Guard also takes care of those fees for you. Often, dealing with identity fraud requires you to take some time off of work, which then results in lost wages and further financial strain. Privacy Guard tries to minimize this by paying you up to $1,500 per week to cover your lost wages. This type of coverage lasts for about five weeks. Privacy Guard doesn't provide any assistance with paying for child or elderly care, so those expenses must come out of pocket.
ID Patrol's identity theft insurance is very similar to Privacy Guard's, and includes coverage for notary and legal fees and similar costs related to restoring your identity. If you need to reapply for certain loans due to identity fraud, ID Patrol pays for these as well. As with most identity theft insurance, lost wages are covered, though you won't receive as much as you would with Privacy Guard. ID Patrol's limit is $1,000 per week for four weeks. In addition to the $1 million in identity theft insurance, ID Patrol has fraud specialists standing by to help you navigate through the process of reclaiming your identity, and even helps you place fraud alerts or security freezes on your account. All of these tools are extremely valuable in the event of identity theft and should help you get back to normal much more quickly.
ProtectMyID completes the list of the best identity theft insurance because they offer $1 million in total coverage, which includes payment for any unauthorized electronic fund transfers made by the identity thief. This sort of protection is invaluable because it helps you get back some of what you've lost. Not all identity theft insurance policies have unauthorized electronic fund transfer coverage, though, so if this is something that you're interested in, it might be worth your while to give ProtectMyID a closer look. Their identity theft insurance also pays the fees for any attorneys or private investigators you hire to help you with your case. In addition, if you have to take time off of work, ProtectMyID covers any lost wages for the first year after the identity fraud incident, which should be a big weight off your shoulders. The costs of six credit reports are also included in the identity theft insurance so you can make sure that no more fraudulent charges are showing up on your credit files.