When you are playing Blackjack, one of the side bets you can make in the game is known as insurance. You will only be able to buy insurance when the dealer’s up card is an ace. The reason you buy insurance is so that you are covered if the dealer has Blackjack. If you purchase insurance, you will only win on the bet if the dealer does have a Blackjack. If the dealer does not possess Blackjack, anyone purchasing the Blackjack insurance loses their side bet and play continues. Blackjack insurance bets pays out 2:1, but the house also has a huge edge against the player on this sidebet.
Almost everyone will teach you that insurance is a bet that you should never purchase which is correct for the most part. There are several instances when buying insurance is the smart play. If you have a large bet on the hand, then you might want to cover yourself by placing out a small insurance bet. If you have been counting cards then you might also want to buy insurance depending on the count you have. If the deck is loaded with 10 valued cards though then it is often smart to buy insurance. If you have not been paying attention and counting cards then there is no reason why you should buy Blackjack insurance because over the long run you will lose money on this bet.
When the dealer is dealt an ace they have four different card values that will help them get Blackjack, but there are eight card values that will ensure the dealer does not get Blackjack. With the odds at 2:1 on the dealer having a Blackjack, you are not making a wise decision by ever taking insurance. The casino would not offer insurance if it was a side bet that the players religiously profited from, so keep that in mind before buying Blackjack insurance.
Losing your initial wager to a Blackjack will be a lot better for you over the long run then ever buying Blackjack insurance. The problem with buying insurance in Blackjack is that over the long run, you will statistically win merely one out of every three times you take Blackjack insurance. With a payout of only 2:1, you are going to be down money when buying insurance over the career of a Blackjack player. When you buy insurance, you are also risking losing both of your bets. If the dealer does not have Blackjack, but they still beat you, then you will lose both your initial bet and your insurance bet.
In conclusion, you should never buy insurance when you are playing Blackjack unless you are counting cards or you want to hedge a big bet. The casinos want you to take insurance, and the last thing you want to do is play their game the way they want you to play the game.