Identity Theft Insurance- Frequently Asked Questions
Why should I have a Cover for Identity Theft?
An identity theft may involve fraudulent usage of stolen payment cards, taking money from victims’ bank accounts, obtaining unauthorised bank loans or fraudulent usage of credit cards. Recovering from these fraudulent activities perpetrated on your bank accounts and credit ratings can take months, and sometimes years.
With an Identity Theft Insurance Cover, you can cover these costs, and claim reimbursements for the losses incurred while reclaiming your financial identities or repairing credit reports.
Which legal expenses will be covered under my Identity Theft Cover?
Identity Theft Cover by Bajaj Finserv can help you claim reimbursement for attorney and court fees incurred for:
a. Defending any suit brought against you by a creditor or collection agency or someone acting on their behalf due to identity theft
b. Removing any civil or criminal judgment wrongfully entered against you due to identity theft
c. Challenging the accuracy or completeness of any information in your consumer credit report, provided this information is inaccurate and falsely provided to the credit agency or financial institution, because of identity theft.
Will I get reimbursement for lost wages under Identity Theft Cover?
You will be reimbursed for the time taken from work, solely to correct your financial records, which were altered due to identity theft. The payment of lost wages under Identity Theft Cover shall include compensation for whole or partial unpaid workdays. You must however, take these unpaid days off, within 12 months of making a claim.
Which miscellaneous expenses will be covered under my Identity Theft Cover?
The Identity Theft Cover can help you get reimbursement for these expenses:
• The cost of re-filing applications for credit accounts or banking accounts that are rejected solely because the lender received incorrect information as a result of identity theft
• The cost of notarizing documents related to your identity theft, long distance telephone calls, and certified mail reasonably incurred as a result of your efforts to report an identity theft or to correct your financial and credit records that have been altered as a result of your identity theft
• The cost of contesting the accuracy or completeness of any information contained in your credit history as a result of your identity theft
• The cost of a maximum of 4 (four) credit reports from an entity approved by us. The credit reports shall be requested when you make a claim