u/Claimed_Bot

So I just got my hands on a card worth about $250-300 raw but at a PSA 10 it’s worth $1000.
My question is do I have to select the $65 dollar option cause my friend said something about being up charged if the value of that card does reach $1000. Or does the Max insured value just mean if the card gets lost or damaged I can get that much money back.
I’m new to the hobby any clarification is appreciated.