Beth and I were enjoying a romantic Valentine's Day dinner at a very nice restaurant. As we gazed into one another's eyes and silently recalled wonderful memories spanning nearly forty years, thieves were smashing the passenger side window of our car outside in the parking lot.
It was their lucky day! Beth had hidden her purse under a blanket in the floorboard of the car. Our annual Caribbean vacation was a short four weeks away, and Beth had done a very good job of squirreling away cash for the trip in her purse. Near her wallet was a $400 Palm personal digital assistant and, of course, inside the wallet were debit and credit cards.
And I can tell you everything else that was in the purse! The insurance company asked for a detailed list and, after a few weeks, Beth was able to recall most everything by reaching into her new purse for something that was not there. Compact, mirror, scissors, prescription medication, nail file, and on and on.
- Don't expect the police to catch the criminals who robbed you.
- Do not even expect them to look for the criminals who robbed you.
- You need a copy of the police report for your insurance company. It proves the when, what and where of the incident.
Call Your Credit Card Companies |
My plans for the evening after our romantic dinner did not include spending the night calling credit card issuers, but that's exactly what happened.
I cannot remember a time in my life when I was happier to have a software program to keep up with our finances. The program had all of our credit card details, including customer service phone numbers and card issuer website addresses. Yes, those details are password-protected.
Important Note: Take a moment to organize yourself before making those calls. Whether it is post traumatic stress syndrome, adrenaline or after-effects of a wonderful meal complete with a bottle of romance-enhancing wine, you need to take a moment. I cancelled a couple of my credit cards that were not even stolen!
Make a Detailed List of Stolen Items |
Your insurance company will require you to complete an affidavit of loss. And you will need to furnish most, if not all, of the following information.
- Item stolen, including brand and model number if possible
- Date of purchase of the item that was stolen
- Amount you paid for the item that was stolen
- Current depreciated value of the item that was stolen
- Current replacement cost of the item that was stolen
- Date and time your great-great grandmother received her first kiss
Okay, maybe not that last item, but probably because the insurance didn't think of it. Now do you see why it took weeks for us to come up with a list of stuff that was in Beth's purse? Don't forget the cost of replacing your driver's license. You should also know that most, if not all, insurance companies have a stop-loss amount for stolen cash. Some will not reimburse more than $100. And, yes, your deductible amount will be deducted from the total before your reimbursement check is written!
Notes About Cancelling Your Credit Cards |
- Replacement Cards: Be sure to ask for replacement cards. Be sure to tell the credit card issuer that your card was stolen. Please note that everything affecting your credit card will show up on your credit report. And you want the fact that all those cancellations were due to theft.
- Response Time: Not all credit card issuers are created equal. Our theft and reporting happened on a Tuesday night. We had some replacement cards before the end of the week.
- Online Credit Card Management: A great aspect of online credit card management is that you can have your statements emailed to you and schedule your payments in advance so you never pay a late charge. Well, one store credit card that I obtained for a specific project with 0% interest for as long as you met the terms and conditions, cancelled my online account when they cancelled the credit card. My previously scheduled payment was not made and I was assessed a late charge. Not only was I assessed a late charge, I had violated the terms and conditions of the agreement and my interest rate zoomed from 0% to fourteen hundred and thirty gadzillion percent! I was able to get that changed after pledging the next fruit grown in Beth's barren womb.
- I will deal with major credit card companies from now on. I will deal with major credit card companies from now on. I will deal with major credit card companies from now on. I will...
Cancelling debit and credit cards provides protection against unauthorized use of those cards. That, however, is not the worst thing that can happen to you. Think for a moment about Identity Theft. Someone has your name, your date of birth and very possibly your Social Security number. That's all they need to begin applying for credit in your name with a different mailing address.
Imagine new credit cards being issued in your name to someone else. Imagine that someone else happily running those credit cards up to the max as quickly as possible. After all, they have no intention of paying for those purchases. It will be your credit report that identifies you as a deadbeat consumer.
I will admit to being one of those persons who say, "It can't happen to me. That only happens to other people." But there is something about seeing shattered glass all around your car that causes a little light inside your brain to begin to glow.
That's a major question for consideration. How will you know if someone has stolen your identity? Unfortunately for a lot of people, it happens when they are refused credit despite knowing they have an excellent payment history. It's not a matter of what might be in your wallet; are you in someone else's wallet?
I now fully believe that professional credit monitoring is as essential as automobile or homeowner's insurance. In a way, professional credit monitoring is a form of insurance because it keeps you informed about what is on your credit reports at the three major credit bureaus, what your credit score is, and what activity has been recently reported for you.
That information allows you to quickly take the necessary steps toward restoring your good name and credit history. Rather than going into detailed information here about something that has already been written elsewhere, I recommend you read Free Credit Reports & Credit Scores.
Always deal with major credit card companies. Always deal with major credit card companies. Always deal with major credit card companies. Always deal...
Be careful out there, and have a great, enjoyable life.