Discovering that you are the victim of identity theft can be incredibly upsetting. As such, you may wonder what steps you can take to help mitigate these matters in the future. Many are unaware that identity theft insurance is available for consumers. If you are interested in this option, you’ll want to keep reading to learn how this insurance can assist you and whether or not it is right for your circumstances. In addition, you’ll learn why working with a San Diego County identity theft insurance lawyer is critical if you discover that you are a victim.
What Are the Impacts of Identity Theft in California?
Identity theft occurs when someone uses your personal information for their own gain, particularly for matters like opening new lines of credit and making large purchases. However, identity theft can also be used to steal your medical insurance, commit crimes, and create entirely new identities.
Unfortunately, the impacts of identity theft can be drastic. You’ll find that often, victims experience reduced credit that can make it difficult to obtain loans or increase their interest rates. Additionally, someone may be unaware of the theft, only learning that they are a victim when the debt is sent to collections or they have been sued by a creditor looking to recover the funds taken out in their name.
In addition to the financial impacts of this offense, identity theft can also result in a number of emotional consequences. This can be incredibly complicated to navigate, leading the victim to endure overwhelming amounts of stress and anxiety as a result.
How Does Identity Theft Insurance Work?
Identity theft insurance is an option that some consumers may consider to help protect themselves in the event that their identity is compromised. However, it’s important to note that this kind of insurance does not compensate you for the financial losses you’ve incurred as a result of the theft. Instead, its primary purpose is to assist you in the recovery process. This can help you cover the cost of legal advice, replacing important documents, any lost wages incurred, and the fees banks and other financial institutions may charge as a result of fraud.
This insurance is relatively cheap, with most plans costing up to $60 per year. As such, many find this to be a beneficial expense, as the process of recovering from identity theft can be expensive. As such, if you are at higher risk of becoming a victim of identity theft, this may be an expense you wish to look into.
While identity theft insurance can help with expenses related to the aftermath of these matters, navigating this process on your own can be incredibly difficult. That is why it’s in your best interest to connect with an experienced attorney to help you through these matters. At Barthel Legal, our firm understands how complicated these matters can be. That is why we are committed to helping you fight for the best possible outcome when someone has compromised your identity. Contact us today to learn how we can fight for you.
