Is Allstate Identity Theft Insurance Worth It?

In our digital world, it’s easier than ever for bad guys to steal your personal information. It’s scary, right? That’s why Allstate, one of the big names in insurance, offers Identity Theft Insurance. They say it’s like a superhero, swooping in to protect your identity from the villains of the internet. But is this superhero worth the investment? In this article, we’ll take a close look at what Allstate’s Identity Theft Insurance really offers. We’ll check out its features, what it covers, and what real customers have to say about it. By the end, you’ll have all the info you need to decide if this is the right protection for you.

Overview of Allstate Identity Theft Insurance 

Allstate, a well-established name in the insurance industry, offers a comprehensive Identity Theft Insurance product designed to protect your personal information in the digital world.

Allstate Identity Theft Insurance is an all-in-one product for identity, privacy, and device protection. It offers active monitoring to safeguard your identity and enables quick restoration. The insurance provides a robust set of features including identity monitoring, financial fraud protection, full-service remediation, stolen funds reimbursement, privacy management, advanced financial fraud protection, cybersecurity, and family digital safety.

Allstate offers different plans for individuals and families, each with its own pricing and set of features. All plans include at least $1 million in coverage for victims and full-service remediation. They also offer up to $1 million in stolen funds reimbursement.

The insurance product revolves around monitoring your “digital footprint” and provides multi-layered protection to keep all of your personal devices safe from new and existing cyber threats. It also includes features like social media monitoring, alerts about hacked accounts, watches over your retirement plans and student loans, and lost wallet assistance.

In summary, Allstate Identity Theft Insurance is a comprehensive solution designed to protect your identity and personal information in the digital world. It offers a wide range of features and coverage options to meet different needs and budgets.

Features of Allstate Identity Theft Insurance

Allstate Identity Theft Insurance offers a comprehensive set of features to protect your identity and personal information. Here are the key features:

1. Identity Monitoring: Active monitoring helps safeguard your identity and enables quick restoration.
2. Financial Fraud Protection: This feature provides active monitoring to help you detect financial fraud.
3. Full-Service Remediation: Allstate fully manages identity remediation cases from start to finish.
4. $1M Expense Coverage: Allstate will reimburse many of your out-of-pocket costs for fraud.
5. Stolen Funds Reimbursement: Allstate will reimburse stolen funds taken from your bank account up to $1 million.
6. Privacy Management: This feature provides a list of your online accounts and sends alerts if known data breaches may affect you.
7. Advanced Financial Fraud Protection: Allstate helps protect your finances with alerts triggered by bank accounts, credit and debit cards, 401(k) plans, student loan applications, and medical billing requests.
8. Cybersecurity: This feature offers multi-layered protection to keep all of your personal devices safe from new and existing cyber threats.
9. Family Digital Safety: This feature allows you to monitor content, manage screen time, filter websites, and set location alerts for more peace of mind.
10. 3B Credit Monitoring & Reports: Allstate monitors and alerts you to any new inquiries found on your credit file across all 3 major credit bureaus.

These features are designed to provide a robust protection against identity theft and ensure peace of mind for the users.

Who Can Benefit The Most From Using Allstate Identity Protection?

Allstate Identity Protection can be beneficial for a variety of individuals, but it may be particularly suitable for the following groups:

1. Large Families: Allstate’s family plans cover up to 11 people on a single plan. This can include you, your partner, and dependent family members residing with you or financially supported by you.
2. Individuals Seeking Comprehensive Coverage: Allstate offers a wide range of features including identity monitoring, financial fraud protection, full-service remediation, $1M expense coverage, stolen funds reimbursement, privacy management, advanced financial fraud protection, cybersecurity, family digital safety, and 3B credit monitoring & reports.
3. Those Willing to Pay for Three-Bureau Credit Monitoring: Only the most expensive Allstate plan monitors your file with the three major credit bureaus — Equifax, Experian, and TransUnion.
4. Individuals Prioritizing Digital Safety: If money is not an issue when it comes to digital safety, Allstate Identity Protection could be a good fit.
5. Businesses: More than 30% of the Fortune 500 depend on Allstate Identity Protection.

Remember, it’s always a good idea to consider your personal needs and budget before deciding on an identity theft protection service. It’s also important to read the terms and conditions carefully to understand what is covered.

Plan Options, Pricing and Features

Allstate Identity Theft Insurance offers three main plans, each with its own pricing and set of features:

Reviews and Ratings

Allstate Identity Theft Insurance has received mixed reviews from various sources. Here’s a summary:

1. U.S. News: Allstate Identity Theft Protection didn’t make their rating of the Best ID Theft Protection Services of 2024, but it’s still considered a good service. They appreciated that Allstate is a well-established insurer with moderate pricing starting at $9.99 a month. They also noted that Allstate covers up to 10 family members.

2. SafeHome.org: They gave Allstate Identity Theft Protection a SecureScore™ of 8.6 out of 10. They praised the powerful financial monitoring, unique digital footprint tool, malware protection, and great mobile app. They also appreciated the reimbursement for stolen tax returns.

3. Trusted Company Reviews: Allstate Identity Protection carries an A+ grade at the BBB and moderately solid ratings on popular critical review platforms. However, they noted that most recent reviews were either rated at five stars, indicating satisfaction, or one star, indicating dissatisfaction.

4. USA TODAY: The product has just 1.13 out of five stars based on reviews submitted to the Better Business Bureau (BBB). The company’s rating is similar to that of just slightly worse than competitors McAfee (1.06 stars) and Norton LifeLock (1.11 stars).

Please note that these reviews and ratings can vary greatly depending on individual experiences and expectations. It’s always a good idea to do thorough research and consider multiple sources before making a decision.

Pros & Cons of Allstate Identity Theft Insurance

Here are the pros and cons of Allstate Identity Theft Protection:

Pros:

• Well-established insurer: Allstate is a long-established player in the insurance industry.
• Moderate pricing: The pricing starts at $9.99 a month.
• Covers up to 10 family members: Allstate allows you to add up to 10 dependents to a family plan.
• Powerful Financial Monitoring: Allstate allows users to monitor various different types of accounts and fine-tune your thresholds for alerts.
• Digital Footprint Tool: This tool is unique to Allstate, and allows you to understand how distributed your information is across the internet.
• 30-Day Trial Period: If you’re not satisfied with the service, you can return it before 30 days for a full refund.

Cons:

• Three-bureau monitoring requires top tier: Monitoring of all three credit bureaus requires the highest tier of service.
• Less expensive options available: There are other identity theft protection services available at a lower cost.
• Data may be shared with advertisers: Allstate may share your data with advertisers.
• Single-Bureau Credit Monitoring: While most identity theft protection services monitor three credit bureaus, Allstate only monitors TransUnion.
• No Associated Credit Tools: Allstate doesn’t allow you to see or track your credit score.
• Some Aspects of Service Weren’t Transparent: It can be difficult to understand what exactly is being tracked and how.

Please note that the value of these features can vary depending on your personal needs and circumstances. It’s always a good idea to do thorough research and consider your own needs before making a decision. 

Comparison with Other Identity Theft Insurance Providers

Let’s compare Allstate’s Identity Theft Protection with other providers.

Allstate Identity Theft Protection:

• Allstate is a long-established player in the insurance industry and launched its identity theft service more than a decade ago.
• Three tiers of coverage are available for both individuals and families, with prices in the moderate range.
• Pros: Well-established insurer, moderate pricing starting at $9.99 a month, covers up to 10 family members.
• Cons: Three-bureau monitoring requires top tier, less expensive options available, data may be shared with advertisers.

Now, let’s look at some other providers:

1. Aura: Offers extensive security offerings that provide protection from hackers and online predators. It also provides credit score monitoring and access to credit report. The cost ranges from $9 to $25 per month for family plans, if billed annually.
2. IdentityForce®: Known for its dark web scanning feature. It offers comprehensive identity theft protection services.
3. PrivacyGuard®: Offers both credit and identity protection. It provides daily credit monitoring, monthly credit score tracking, and a dedicated ID fraud resolution agent.
4. Experian IdentityWorks℠: Known for its credit monitoring tools. It offers identity theft insurance and recovery services, three-bureau credit monitoring, and real-time identity alerts.
5. Identity Guard: Known for its identity theft insurance. It uses IBM Watson artificial intelligence to scan the internet for threats to your identity.
6. LifeLock™: Known for its computer and device protection. It offers identity theft protection, credit monitoring, and a million-dollar protection package.

Please note that the features and costs can vary, and it’s important to choose a provider that best fits your needs and budget. Also, remember to read the terms and conditions carefully before purchasing any plan.

Is Allstate Identity Theft Insurance Worth It?

Whether Allstate Identity Theft Insurance is worth it or not can depend on your specific needs and circumstances. Here’s what some sources say:

• According to a review by U.S. News, Allstate Identity Theft Protection is a good service, offering three tiers of coverage for both individuals and families at moderate prices. However, it didn’t make their rating of the Best ID Theft Protection Services of 2024.
• SafeHome.org gave Allstate Identity Theft Protection a SecureScore™ of 8.6 out of 10, noting that it offers powerful financial monitoring and a unique Digital Footprint tool. However, they also noted that Allstate only monitors one credit bureau (TransUnion), and some aspects of the service weren’t transparent.
• HomeSecurityHeroes.com found Allstate’s service to be thorough and offering better coverage than most, but still preferred Aura for its overall offerings.

As for the general worth of identity theft insurance, opinions vary:

• U.S. News suggests that whether identity theft protection service is worth the cost depends on a person’s budget, their perceived risk of identity theft, and the value they place on what an identity theft protection service does.

• Consumer Reports notes that most identity theft insurance won’t prevent or even alert you to identity theft but will reimburse you for losses or expenses that you may incur as a result of the crime. However, they also point out that banks and credit card companies already cover most or all losses due to fraud.

• The Motley Fool suggests that while you should take steps to protect yourself from identity theft, this insurance usually isn’t worth buying. This is partly due to the fact that identity theft isn’t likely to cause you out-of-pocket financial loss.

In conclusion, whether Allstate Identity Theft Insurance or any identity theft insurance is worth it can depend on your personal situation, your perceived risk of identity theft, and the value you place on the services these programs provide. It’s always a good idea to do thorough research and consider your own needs and circumstances before making a decision.

FAQs

Conclusion

In conclusion, Allstate Identity Theft Insurance offers a comprehensive solution to protect your identity in the digital world. With features like identity monitoring, financial fraud protection, full-service remediation, and stolen funds reimbursement, it provides robust protection against identity theft.

However, whether it’s worth it or not depends on your specific needs and circumstances. While some users appreciate the comprehensive coverage and moderate pricing, others may find better value in other services. Therefore, it’s crucial to do thorough research, consider your personal needs and budget, and compare with other services in the market before making a decision. Remember, no service can prevent identity theft entirely, but a good service can alert you quickly if it happens, minimizing potential damage.

Shubham

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