Identity theft is a growing problem and that problem gets more acute when much more of our transactions today are done cashlessly using credit cards.
AIA has this product named AIA CARDWIZE that is marketed as "keeping your identity safe and secured". The strength of CARDWIZE is that it softens, notice not eliminate, the blow of dealing with identity theft and related losses, covering against additional costs related to the loss, theft or damage of the residence and car keys, and items purchased using credit card.
At first look, this appears to be a good product. I had lost my belongings to theft before and while I did not lose much valuables, I ended up spending a bigger sum replacing my identification documents, locks and much time to conduct these administrative procedures. Such a product would have greatly cushioned the impact of that incident.
What exactly does the product offer?
Identity Theft ($10, 000)
Expenses incurred from resolving identity theft up to 12 months after a claim:
Unauthorised charges that policyholder is responsible for on lost of stolen payment card, up to 12 hours prior to first reporting the event to payment card issuer(s).
ATM Assault and Robbery ($2, 000)
Loss arising from items purchased entirely with payment card which were lost, stolen or accidentally damaged.
Keys Replacement Coverage ($2, 000)
At a monthly premium of $58, is this product a good deal? Unless you are the type who frequently loses your belongings, it is not something worth considering.
No one pays annual subscriptions for credit cards these days. When the subscription is due, a call to the customer hotline usually is good enough to get the fees waived. When we are effectively paying nothing for our cards, does it make sense to pay to use it?
But isn't the coverage addressing important aspects such as identity theft, fraud, loss, etc? In all my years, I have only lost my wallet twice. Once when I was very young and once when I started working. Such a frequency of loss does not warrant a need for this protection. $58 per year and there is excess of $100 imposed! Even without losing my wallet, I will have made a loss purchasing this product.
But what about identity theft? It is indeed a growing problem but not one that has gone out of control locally. The policy gives up to 12 months after a claim but should identity theft occur, it could take much longer to resolve.
Based on my present lifestyle and risk profile, I do not think that this is a product worth buying. If you are the type who loses your stuff and loses it big time, then this product will be right for you. Remember to factor in the $100 excess and the annual premium of $58... Will you ever lose that much in a year to theft, etc?
AIA has this product named AIA CARDWIZE that is marketed as "keeping your identity safe and secured". The strength of CARDWIZE is that it softens, notice not eliminate, the blow of dealing with identity theft and related losses, covering against additional costs related to the loss, theft or damage of the residence and car keys, and items purchased using credit card.
At first look, this appears to be a good product. I had lost my belongings to theft before and while I did not lose much valuables, I ended up spending a bigger sum replacing my identification documents, locks and much time to conduct these administrative procedures. Such a product would have greatly cushioned the impact of that incident.
What exactly does the product offer?
Identity Theft ($10, 000)
Expenses incurred from resolving identity theft up to 12 months after a claim:
- Legal Expenses
- Lost Wages
- Loss from unauthorised account and payment to creditors
Unauthorised charges that policyholder is responsible for on lost of stolen payment card, up to 12 hours prior to first reporting the event to payment card issuer(s).
ATM Assault and Robbery ($2, 000)
- ATM Robbery - reimbursement for money withdrawn from any ATM around the world using payment card against a robbery that occurs within 15 minutes of the withdrawal.
- Bodily Injury - reimbursement for reasonable emergency first aid charges for bodily injury incurred during covered ATM robbery.
- Replacement costs for a lost or stolen wallet and any payment cards and personal papers in it.
- Application fees for replacement personal papers and/or payment cards.
Loss arising from items purchased entirely with payment card which were lost, stolen or accidentally damaged.
Keys Replacement Coverage ($2, 000)
- Key Replacement - cost of replacing the keys of residence or vehicle if lost or stolen.
- Break-in Replacement - cost of replacing your locks if your residence or vehicle is broken into.
- Lock Out Reimbursement - cost of obtaining a locksmith if locked out of residence or vehicle due to loss or theft of keys.
- Rental Car Reimbursement - cost of a rental car if vehicle keys are lost or stolen and cannot be replaced within 24 hours.
- Policy will only cover amount not covered by other similar insurance policy, up to coverage limits specified.
- An excess of $100 applies per occurrence/claim.
At a monthly premium of $58, is this product a good deal? Unless you are the type who frequently loses your belongings, it is not something worth considering.
No one pays annual subscriptions for credit cards these days. When the subscription is due, a call to the customer hotline usually is good enough to get the fees waived. When we are effectively paying nothing for our cards, does it make sense to pay to use it?
But isn't the coverage addressing important aspects such as identity theft, fraud, loss, etc? In all my years, I have only lost my wallet twice. Once when I was very young and once when I started working. Such a frequency of loss does not warrant a need for this protection. $58 per year and there is excess of $100 imposed! Even without losing my wallet, I will have made a loss purchasing this product.
But what about identity theft? It is indeed a growing problem but not one that has gone out of control locally. The policy gives up to 12 months after a claim but should identity theft occur, it could take much longer to resolve.
Based on my present lifestyle and risk profile, I do not think that this is a product worth buying. If you are the type who loses your stuff and loses it big time, then this product will be right for you. Remember to factor in the $100 excess and the annual premium of $58... Will you ever lose that much in a year to theft, etc?
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