Is identity theft protection worth it?
An identity theft protection service can be an affordable way to safeguard your personal information and identity. Identity theft protection companies actively monitor your credit and personal information, alert you if they detect suspicious activity, and help you recover financially if your identity is stolen. Paying for protection and insurance may help save you thousands of dollars, hours of your time, and significant emotional distress if you're a victim.
Explore Progressive's editorial standards for Answers articles to find out why you can trust the insurance information you find here.
Do I need identity theft protection?
The FTC reported $10 billion in losses due to fraud in 2023, and the most common type of fraud was identity theft. Identity theft protection and insurance can protect you from this common, costly type of fraud, and it makes even more sense if:
You want to make sure your accounts are well-monitored
You want insurance coverage in case your identity is stolen (coverage will not apply if you buy a plan after a known theft has occurred)
You have a high public profile and are at a higher risk of ID theft
How could identity theft affect me?
An identity thief steals your personal information to commit fraud. Identity theft could include accessing your accounts to steal money and using your personal information to open new accounts, rack up debt, file taxes, apply for government benefits, and more. If you're a victim of identity theft, the effects could impact you for years — via significant financial loss, a poor credit score, and even difficulty getting a new job due to false information shown during your background check.
Pro tip:
If you discover your identity has been stolen, report the incident to the federal government as soon as possible and follow their recommendations. Purchase an identity theft protection plan or notify your existing one of the theft. Alert all your potentially compromised accounts so they can be monitored for fraud. Note that identity theft insurance won't apply if you purchase an IDnotify protection plan after becoming aware of an incident but ask if the restoration services team can help you resolve the fraud.
What do identity theft protection companies do?
Identity theft protection companies specialize in:
- Credit monitoring: This includes regularly checking internet activity and your credit history for signs of identity theft.
- Fraud recovery: They can help you restore your credit and identity after someone uses yours to make fraudulent transactions.
- Reimbursement: They may also reimburse you for a variety of expenses related to restoring your identity, such as replacing government-issued IDs, attorney fees, and more.
All of these services can be affordable. For example, Experian's IDnotify® identity theft protection plans through Progressive start at $9.99 per month, plus taxes where applicable.
How to get identity theft protection and insurance
Get identity theft protection from Experian's IDnotify through Progressive online. Or call 1-866-362-1639 for help deciding which plan is right for you.
ID theft protection plans start at only $9.99 per month
Learn more about identity theft protection plans.
