Not sure what you mean by protection exactly, but that kart has no cage, no belts, no warranty, and no guarantees other than its been cut and welded at least once. To be straight forward and honest, most of the folks in this thread have collections as I do, and good reason to lead you away from the first one.
If you meant does it have potential, well yes, but the potential I see is a parts kart at $100-150 value tops. If you don't have a welder, or know someone who does, or the knowledge to weld either way, I'd avoid that one like the plague! The second one you posted was better, but both are over priced. Most I spent on any of the ones in that picture was $250, and it was driveable.
If you are stuck on the first one and want it that bad, I'd start my offer at $100, wouldn't exceed $200. Know going in that one needs lots of time and parts, likely to exceed to budget you told me you have available, and it may be several months before you get to drive it. Hopefully I answered what you are asking.