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“I’d be very reluctant to pay for insurance,” says Neal O’Farrell, executive director of The Identity Theft Council “These policies tend to cover very little or have so many conditions that they are useless.”

First, understand that the insurance does not cover direct monetary losses incurred as a result of the theft; rather, it covers ancillary expenses you may rack up in dealing with the problem, like the cost of certain phone calls or certified mailings. Some policies will also cover lost wages and legal fees. But O’Farrell points out that most victims rarely incur legal fees or need to take time off work.

Most people don’t even need help paying off such costs: Javelin Strategy & Research found that 80% of ID theft victims had no out-of-pocket expenses. Among those who did lose money, the average was about $300 for existing-account fraud and about $1,200 for new-account fraud. But with deductibles for these policies generally ranging from $100 to $250, and sometimes going as high as $500, you could end up footing the majority of the bill yourself anyway.

Bottom line: This is one come-on you can skip.