We have already been through this recently. Vbulletin does not have a built in mechanism for administrators to read PMs. I am not reading, have never read, and pledge not to read PMs.
Having said that, the PMs of course exist in a database which is password protected, but not encrypted. I would not put anything of a personal nature in them that you can't afford to see the light of day, just like email. They are subpoenable, I assume.
VBulletin does allow for admins to expunge inboxes.
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