Cost of Identity Theft Protection

Identity theft protection plan features

Identity theft plans offer several features designed to help protect you from identity theft and fraud.

Identity monitoring is the primary service included with these plans. This software continuously scans the web, public records and databases for signs of malicious use of your personal data. This includes information like your Social Security number (SSN), driver’s license numbers, passports, home addresses and financial account information.

Should any of this information appear on the dark web, your service will notify you. Monitoring may also cover social media, payday loan applications, check-cashing attempts and new service orders, such as utility scams.

Many identity theft protection plans also include other services, which may or may not come at an additional cost.

• Credit report monitoring: Many services also include credit report monitoring that tracks your credit report across one or all of the major credit bureaus, including Experian, Equifax and TransUnion. Should anything be found, they send automatic alerts to notify you immediately so you can take action.
• Antivirus software: Antivirus software can often be downloaded to your device to detect malicious software. This can include viruses, adware and trojans that may be hiding among your system files or programs.
• VPN services: Some identity theft protection plans also include virtual private network (VPN) services that encrypt your data. These prevent identity theft by blocking your information so it cannot be stolen while you are online.
• Identity restoration: These services often provide additional support to help you restore your identity. They may help you contact the appropriate authorities, including creditors, debt collectors and government agencies, to notify them of the error and request correction. They can also request a credit freeze to avoid identity theft and prevent further credit score damage.
• Identity theft insurance: Identity theft insurance can provide reimbursement if you are found to be the victim of identity theft or fraud. It typically includes compensation for eligible out-of-pocket expenses, such as administration charges, legal fees and lost wages. Coverage generally ranges from $25,000 to $3 million, although some policies are available with up to $5 million in coverage.

Most policies do not cover reimbursement for stolen funds or fraudulent charges made to your accounts. However, some policies may include up to $15,000 in reimbursement coverage.

Understanding identity theft protection costs

Identity theft protection costs can vary significantly, with coverage typically ranging from $10 to $60 per month and $150 to $700 per year. Some services also offer free trials so you can test them out before committing.

Several factors can impact the cost of identity theft protection. First, the type of features largely impact price, with premium features costing more than more basic features. This can include additional services like credit monitoring, device protection and VPN service. Also a factor is the number of people covered, with several plans offering family and child plans.

Additionally, costs can vary significantly across different providers.

Couple and family plans

Another determinant in how much identity theft protection costs is the number of people it covers. Many identity theft protection plans are also available for couples, children and families, allowing you to choose the plan that is right for your household.

Is identity theft protection worth the cost?

Identity theft is only becoming more common, so it is more important than ever to protect yourself from becoming the next victim. That is where identity theft protection can help.

Seann Malloy, managing partner at Malloy Law Offices in Bethesda, Maryland, offered his perspective based on his experience in commercial litigation and financial matters.

“A strong response plan offers directed recovery that involves assistance disputing fraudulent accounts, communicating with creditors and keeping a log of everything so these issues don’t escalate into greater financial or legal problems, Malloy said. “Customers should know what they are really paying for.”

The cost of not getting ID theft protection

Javelin, a financial services research and insights company, reported that Americans experienced $23 billion in losses to identity fraud in 2023. Much of identity theft’s potential losses come from time spent disputing fraudulent accounts, damages to credit, legal fees and direct losses like stolen money.

Spending $10 to $60 a month may seem like a headache, but it could cost you much less to respond to identity theft if you have protection in place. “The real gain here isn’t the monitoring itself, it’s the help with responses when something goes wrong,” Malloy explains.

How to choose the best identity protection plan

With so many options, it is easy to feel overwhelmed. However, there are a few factors to keep in mind when comparing identity theft protection plans to help you find the best plan for both your needs and your budget.

• Identity theft monitoring: Many plans include credit monitoring for your credit score and report, but you will also find plans that include additional services, such as dark web monitoring, financial account monitoring and home and auto title monitoring.
• Identity restoration: Identity restoration services are common among the best identity theft protection plans, but they can vary in the support they provide. White-glove restoration services offer the most hands-on support, but you will find plans with varying levels of service and professional support.
• Plan flexibility: Some services offer more plan options than others. If you have a tight budget or a large family or simply have specific needs, a service with multiple plans, such as Aura or IdentityIQ, may be a better fit than services with only a single plan or two.
• Insurance: Some plans offer significantly more coverage than others; for example, Aura offers $5 million in coverage, while IdentityForce offers just $2 million. Before choosing a plan, think about how much insurance protection you need in the event of identity theft.
• Cost: Consider your budget and how much you are willing to spend on a plan. To help keep costs down, consider which services you really need and which you can do without. Also, look for a free trial or money-back guarantee that can help secure your purchase.