What is Identity Theft Protection?
Key Takeaways
Identity Theft Protection Covers Recovery Costs, Not Stolen Money
The policy reimburses lost wages, legal fees, document replacement, notary fees, and other out-of-pocket expenses tied to restoring your identity. It does not reimburse money stolen from your bank or credit cards.
It Adds to Your Homeowners or Renters Policy Starting at $7.99/Month
Identity theft protection through GEICO Insurance Agency is an optional endorsement, not a separate policy. It includes credit monitoring and access to fraud resolution specialists.
Identity Fraud Cost Consumers $43 Billion in 2023
Over half of victims sought emotional support, 55% missed time from work, and 44% lost out on a job opportunity. Having a resolution specialist handle the recovery saves time and reduces stress.
Why is it Important to Have Identity Protection?
The number of identity theft and fraud victims continues to climb each year, and it's likely the trend will continue. With the increased adoption of technology and rise in "smart" devices, our lives are more connected than ever. However, this added convenience also brings risk.
Having identity theft protection reduces your risk of becoming a victim of identity theft by monitoring your purchases and activity. If you ever become a victim of identity theft, having a resolution specialist to help restore your identity and prevent further damage, not only saves you time but gives you peace of mind.
What Does Identity Theft Protection Provide?
Identity theft can be a serious disruption, but with identity theft protection through GEICO Insurance Agency, you’ll have help getting back on track. This policy offers coverage for:
- Lost Wages: Reimbursement for income you miss while resolving identity fraud issues.
- Legal Fees: Coverage for attorney costs associated with identity restoration.
- Document Replacement: Help replacing government-issued IDs and financial documents.
- Credit Monitoring Services: Ongoing surveillance to catch suspicious activity early.
- Fraud Resolution Support: Access to specialists who guide you through the recovery process.
- Expense Reimbursement: Covers out-of-pocket costs like notary fees, certified mail, or phone bills tied to reclaiming your identity.
What Identity Theft Protection Doesn’t Cover?
While identity theft protection can help with many of the recovery-related expenses, it’s important to know what’s not included. This coverage focuses on the costs of restoring your identity, not on reimbursing stolen funds or preventing fraud in the first place. Common exclusions include:
- Direct Financial Losses: It doesn’t reimburse money stolen from bank accounts or credit cards.
- Unreported Incidents: Claims may be denied if the identity theft wasn’t reported promptly.
- Pre-Existing Identity Theft: Coverage doesn’t apply to incidents that happened before your policy started.
- Unauthorized Charges: These are typically handled by your bank or credit card issuer, not through identity theft protection provider.
- Business-Related Losses: Losses tied to business identity theft aren’t covered under a personal policy.
How Does Identity Theft Protection Work?
Identity theft protection services through GEICO Insurance Agency are typically added as an optional endorsement to your homeowners or renters policy. It’s a simple way to add extra peace of mind without needing a separate policy—just ask during your quote or policy update, and we’ll walk you through your options.
If your identity is stolen, the insurance helps you take action quickly. You’ll be connected with dedicated fraud resolution support to guide you through the recovery process, from reporting the theft to restoring your personal records. It’s there to make a stressful situation more manageable.
Identity Theft May Cost More Than You Realize
With so much of our lives online, your personal information is collected, used, and shared in ways that you may not even be aware of. As a result, there is a chance you could become a victim of identity theft. Without identity theft protection, it can affect your life in more ways than you realize. There are not only the financial consequences, like damage to your credit history and unauthorized debt, but it can also have a significant emotional toll on your life.
Identity Fraud Statistics You Need to Know
Identity theft crimes are on the rise and impact consumers financially and emotionally.*
- Total identity fraud losses were $43 billion in 2023
- New-account fraud reached $5.3 billion, compared to $3.9 billion in 2022.
- More than half (56%) of consumers sought emotional support for the various problems they experienced after their identity was misused
- Of identity theft victims, 55% say they've had to miss time from work, and 44% say they lost out on an employment opportunity
- 77% of identity crime victims had increased stress levels and 86% feel worried, angry and frustrated
- Consumers with breached debit cards are most likely to become a fraud victim
- 16% of consumers with breached Social Security Numbers became a victim of ID theft
Learn more about Identity Protection serviced by Iris Powered by Generali, and how it compares to other programs.
Three Reasons Why You Should Get GEICO Portfolio Identity Theft Protection
- You already know and trust us to protect the things in your life that you consider most valuable, your identity should be no exception.
- Identity theft protection program through GEICO Insurance Agency is priced affordably with coverage options starting as low as $7.99 per month with an option for annual payment.
- Friendly and knowledgeable customer support: Having a knowledgeable insurance specialist on your side not only helps reduce stress but can save you from hours of personal time lost handling the fallout.
Learn how to help protect your identity now with Identity Theft Protection.
Worried About Identity Theft?
Identity protection may help you monitor, detect, and recover from certain identity threats.
