Hole in One Insurance
What is Hole in One Insurance?
If you are hosting a charity golf tournament, golf marathon or any kind of fundraising golf event, an excellent way to excite your participants is to offer an extravagant grand prize for a Hole-in-One. Hole in One insurance can certainly help make this a reality, as attention grabbing grand prizes may include $10,000 cash, a new car, or an exciting vacation. What nonprofit event can afford to buy that and still turn a profit?
How Does Hole in One Insurance Work?
Hole in One insurance allows organizations to offer hole in one contests, usually as part of a fundraising or charity golf tournament. Hole in One insurance requires that an organization pay an insurance premium in advance of the tournament to eliminate the risk of paying for a hole in one prize. In the event a golfer makes a hole in one on a specified hole, the hole in one insurance kicks in to pay for the prize. Hole in One is therefore a type of prize indemnification insurance.
How Is the Price for Hole in One Insurance Calculated?
There are generally three or four major variables to determine the price your organization will pay for hole in one insurance:
- The number of golfers in the tournament. The more golfers, the better chance that someone will make a hole in one. Therefore, if you have a full course of 144 players, it will cost your organization more than a smaller tournament with 80.
- The difficulty of the hole – based on par and yardage. 180 yards will cost less than 160, as again, the chances are less that someone will make the hole in one shot.
- The dollar value of the prize. There are lots of prize options for hole in one contests and you want to be sure to select a prize that speaks to your organization’s constituents. The prize is how you build excitement! A prize valued at $50,000 will certainly cost more to insure than one valued at $10,000.
- The skill level of your golfers. Are your golfers amateur or professional athletes? Generally for fundraising tournaments, all players are amateurs. However, if you have a tournament that attracts professional golfers, the premium will be higher as they have a greater chance of making a hole in one.
Hole in One Prize Ideas
Arguably the most important piece of the hole in one contest execution is the prize. Most companies can work with any prize – as long as you can assign a fair market value to the prize. So remember to focus on a hole in one prize that will build excitement with your audience.
Popular hole in one prize ideas include:
- Cash prizes – Everyone can get excited here
- Luxury cars – some organizations select to offer a BMW, Mercedes, or SUV
- Boats or jet skis – if you live near a body of water
- ATVs, scooters, and motorcycles – think Harley-Davidsons or other iconic brands
- Unique or luxury vacation packages – including airfare and deluxe accommodations
- TVs and electronics
- Golf equipment
Hole in One Sponsorship Opportunities
One way to fund a hole in one contest is to recruit a hole in one business sponsor. This can work in a couple of ways:
- Your organization offers the sponsorship package for a flat fee, such as $2,500. You purchase the hole in one insurance and handle all details, from this fee.
- Your charity golf tournament solicits a local car or boat dealer to sponsor the tournament. The dealer places a new luxury car out at a hole. Whoever putts a hole-in-one at the designated spot wins the prize.
How can the organization or car dealership afford to offer the new car? The organization or car dealer calls a hole in one insurance company. The company writes a hole-in-one insurance policy, and pays off the price of the car to the dealership if there’s a win.
Hole In One Putting Contest Coverage
Another option for hole in one contests is to host a putting contest. As the name implies, this type of contest focuses on making a hole in one while putting the ball, rather than competing at a regular hole. We love putting contests because:
- They are entertaining and bring people together. Putting contests work well just after a tournament, where all of your foursomes can gather around and root on their participating friends.
- They allow your organization to easily up-sell or charge for this contest. Since the putt is not part of the actual tournament, you can charge golfers extra for a chance to enter and win.
Golf Tournament Software & Fundraising Resources
Planning a golf tournament fundraiser? GolfRegistrations can help! We offer easy to use, affordable golf tournament registration software to help your organization raise more money online.