Typically you would avoid insurance like the plague. I can’t emphasize that enough.
And while it is possible to make insurance work for you in a land-based game, it only works because of card counting. And since we all know that card counting isn’t possible online, it’s very difficult to make insurance profitable in online blackjack.
There is only one instance in a land-based blackjack game in which insurance is profitable: when you are dealt blackjack and the dealer has an Ace showing; he could have blackjack also or he could not, either way is net gain is still the same.
And while you could eliminate the need to card count in online blackjack and just take insurance when you have been dealt a natural blackjack, this won’t work either.
It won’t work because as soon as you are dealt a natural blackjack in online blackjack the game will tell you that you’ve won regardless of the dealer’s up card. It won’t give you a chance to take insurance. In fact, it’s probably the fastest blackjack payout you’ll ever receive.
So those of you who play blackjack online want to cash in on insurance there might be one way to. But keep in mind this isn’t nearly as sound as card counting and waiting for the deck to be high card rich and a natural blackjack. I still am an advocate of passing on insurance.
But for those who would like to try their chances at raking in on insurance in online blackjack, you could try taking insurance when you are dealt 20 and the dealer is showing an Ace. This way you stand a stronger chance of hitting either the insurance bet or betting the dealer. The net gain won’t be quite the same as if you had won with a natural blackjack. But if you are set on trying to make insurance pay in online blackjack, this might be worth a try.
But I still say to stay away from insurance and stick with basic strategy if you aren’t a card counter.