I sent my high-end slabs to the eBay Vault (now PSA Vault) in Delaware. They advertise “Fully Insured.” I wondered if I could cancel my personal insurance policy to save $300 a year. Then I read the fine print about “Acts of God” and “Seizure.”
Key Takeaways
- Vault Insurance Covers Their Liability: Vault policies usually cover fire, theft, and employee negligence at the facility.
- The Gaps: They often exclude “Acts of War,” “Government Seizure,” or sometimes “Terrorism.”
- Loss of Market Value: If the vault is locked down for 6 months (investigation) and the market tanks, their insurance doesn’t pay for the drop in value. Yours might (if Agreed Value).
- Transit Gaps: Coverage often starts only when received at the vault. Shipping it there is on you.
The “Why” (Excess Coverage)
Relying on a third party means relying on their policy limits. If the vault has $100M coverage but holds $500M in cards, and it burns down, you get 20 cents on the dollar.
“We will pay excess over any other valid and collectible insurance.”
The Investigation: Double Coverage
I checked if keeping personal insurance makes sense.
1. The Cost Savings
- Vault: Free/Included storage fees.
- Personal Policy: Many carriers give a massive discount (up to 70%) for items stored in a professional bank/vault. My $300 premium dropped to $90.
2. The Control
- Personal Policy: I control the claim. I get paid by my insurer, who then sues the vault.
- Vault Policy: I am one of 10,000 claimants waiting for the vault’s insurer to process a massive loss.
Comparison Table
| Scenario | Vault Coverage Only | Personal Vault Policy |
| Vault Burns Down | Covered (Shared Limit) | Covered (Direct Payout) |
| FBI Seizes Vault | Denied | Denied (Usually) |
| Item Lost in Mail to Vault | Denied | Covered (Transit) |
Step-by-Step Action Plan
- Keep Your Policy: Don’t cancel. Call your agent and change the location to “Commercial Vault.” Enjoy the lower rate.
- Read the User Agreement: Check the “Limitation of Liability.” Does it cap payouts at the last purchase price? If the card doubled in value, you lose.
- Agreed Value: Ensure your personal policy covers the current value, not just what you paid.
FAQ
Can I visit my cards?
Usually no. Vaults are dark sites. If you take them out, notify your insurer immediately to restore full “home” rates.
[IMAGE: Graphic showing a secure vault door with “Insured” logo vs a home safe]