Insured crypto wallets: Which ones exist?

For enhanced security, consider crypto wallets like Coinbase, Gemini, and Kraken, which offer insurance coverage of up to $250,000 or more against unauthorized access, theft, and hacking.

Feb 06, 2025 at 06:37 pm

Key Points:

• Understanding Crypto Wallet Insurance
• List of Insured Crypto Wallets with Details
• Features to Consider When Choosing Insured Crypto Wallets
• Comparison of Top Insured Crypto Wallets
• Frequently Asked Questions (FAQs)

Understanding Crypto Wallet Insurance

Crypto wallet insurance is a type of insurance that protects users against financial losses due to unauthorized access, theft, or hacking of their crypto wallets. Unlike traditional bank accounts, crypto wallets are not subject to the same level of government protection, making insurance essential for mitigating risks.

List of Insured Crypto Wallets with Details

1. Coinbase

• Insurance coverage: Up to $250,000 for custodial accounts.
• Insurance type: Crypto asset insurance (through Lloyd's of London).
• Coverage includes: Unauthorized access, theft, and hacking.

2. Gemini

• Insurance coverage: Up to $100 million for both custodial and non-custodial accounts collectively.
• Insurance type: Offline cold storage.
• Coverage includes: Loss or damage to digital assets, including theft, cybersecurity breaches, and operational risks.

3. Ledger Nano X

• Insurance coverage: Up to €150,000 for the physical device if damaged or stolen.
• Insurance type: Device replacement insurance.
• Coverage includes: Physical damage, theft, and unauthorized access.

4. Kraken

• Insurance coverage: Up to $60 million for custodian accounts.
• Insurance type: Crypto asset insurance (through AIG).
• Coverage includes: Unauthorized access, theft, and hacking.

5. Trezor Model T

• Insurance coverage: Up to €2 million for the physical device.
• Insurance type: Device replacement insurance.
• Coverage includes: Physical damage, theft, and unauthorized access.

Features to Consider When Choosing Insured Crypto Wallets

• Coverage: The amount of insurance coverage your wallet provides.
• Insurance Type: Whether the insurance covers crypto assets, the physical device, or both.
• Insurance Provider: The reputation and financial stability of the insurance company.
• Deductible: The amount you need to pay out-of-pocket before the insurance kicks in.
• Premiums: The cost of the insurance policy.

Comparison of Top Insured Crypto Wallets

Wallet	Coverage	Insurance Type	Insurance Provider
Coinbase	Up to $250,000	Crypto asset insurance	Lloyd's of London
Gemini	Up to $100 million	Offline cold storage	N/A
Ledger Nano X	Up to €150,000	Device replacement insurance	N/A
Kraken	Up to $60 million	Crypto asset insurance	AIG
Trezor Model T	Up to €2 million	Device replacement insurance	N/A

FAQs

• What is the difference between custodial and non-custodial crypto wallets?
  Custodial wallets are managed by a third party (such as an exchange), while non-custodial wallets give users complete control over their private keys.
• What costs are associated with insured crypto wallets?
  Most insured crypto wallets charge monthly or annual premiums for their insurance coverage.
• How do I file a claim with my insured crypto wallet?
  Contact your wallet provider for instructions on filing a claim, which typically requires providing documentation of the loss or theft.