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Blackjack Insurance

If the dealer's up card is an Ace, the player is offered the option of taking Insurance before the dealer checks his 'hole card'.

The player who wishes to take Insurance can bet an amount up to half his original bet. The Insurance bet is placed separately on a special portion of the table, which usually carries the words Insurance Pays 2:1.

The player who is taking Insurance is betting that the dealer's 'hole card' is a 10-value card, i.e. a 10, a Jack, a Queen or a King. Because the dealer's up card is an Ace, this means that the player who takes Insurance is essentially betting that the dealer was dealt a natural, i.e. a two-card 21, a blackjack.

Insurance is a side-bet that pays off 2:1 if it wins.

Example: The player originally bets $10 and the dealer shows an Ace. The player takes Insurance by betting an additional amount of $5. Suppose the player's hand is 19. The dealer turns up his 'hole card' after the Insurance betting period is over -- and it's a 10-valued card. The player loses his $10 bet. But the Insurance bet wins, so the player gets 2:1 on his $5 Insurance wager and receives $10 (on top of the $5 which are returned to him). Note that the player came out even (i.e. did not lose any money) on that round.

Conversely, a player may win his original bet and lose his Insurance bet.

Example: The player originally bets $10 and the dealer shows an Ace. The player takes Insurance by betting an additional amount of $5. Suppose the player's hand is 19. The dealer turns up his 'hole card' after the Insurance betting period is over -- and it's not a 10-valued card. Suppose the 'hole card' is a 7. The player instantly loses his $5 Insurance wager. (All Insurance wagers are settled as soon as the dealer turns over his 'hole card', before all else.) But the player wins his $10 bet. Note that the player made a net profit on that round.

Of course, a player may lose both his original bet and his Insurance bet.

Insurance is considered a bad bet for the player who has no direct knowledge nor estimation (e.g. through card counting) of the dealer's 'hole card' because Insurance is a bet with negative expected value for the player. It is a bad bet even for a strict follower of Basic Strategy.

Insurance is a bad bet even for the player who has been dealt a natural (a two-card 21) to take Insurance. In such a case, the dealer usually asks the player "Even money?" This means that instead of 3:2, the player with the natural accepts to be paid off at 2:2. Which is exactly the same thing as betting on Insurance, losing the Insurance bet and getting paid 3:2 on the natural -- all at the same time. (If the player with the natural refuses to be paid "Even money", and the dealer turns over a natural, it is a tie.)

The reason Insurance is a bad bet for the player is that by paying 2:1 when his bet wins, the casino is underpaying the Insurance bettor.

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