If you’ve been tasked with planning a fundraising golf tournament, including golf tournament contests is a great way to raise additional funds. Hole in one contests are a popular tournament contest that reward a golfer who sinks a hole in one on a specific hole. Popular hole in one contest prizes include cars, vacation packages, and cash. You certainly don’t want to pay for that out of the tournament proceeds! That’s why tournament planners buy hole-in-one insurance. It’s never been easier to offer exciting hole-in-one prizes at affordable prices by purchasing hole in one insurance for your charity tournaments.
We spoke with Dennis Chase at Hole-in-One Clearing House to understand the basics of hole-in-one insurance and how an organization might offer a hole in one contest as a golf fundraising idea.
How Does Hole in One Insurance Work?
A charity golf tournament solicits a local car dealer to partially sponsor their event. The dealer places a new BMW valued at $65,000 out at a hole. Whoever putts a hole-in-one at the designated spot wins the car.
Details: The car dealer calls an insurance company. The company, factoring in a number of variables such as distance and number of players, writes a hole-in-one insurance policy. The company then pays off the price of the car to the dealership if there’s a win.
How Is the Price for Hole in One Insurance Calculated?
Three variables determine the price your organization will pay for hole in one insurance:
- The number of golfers: 150 players will cost more than 80.
- The yardage of the hole: 180 yards will cost less than 160.
- The dollar value of the prize: A prize valued at $150,000 will cost more to insure than one valued at $50,000.
To get an idea of cost, a realistic amount for the BMW prize listed above is approximately $850.
The formula is very simple and straightforward and you can get a free quote right on our website.
What Should People Look for When Researching a Hole in One Insurance Provider?
You want to be sure that you are getting what you pay for. It also doesn’t hurt to look them up online and see if they have a clean record. A simple Google search on their name might turn up surprising results.You should always ask two questions:
- Are you licensed in our State?
- Are you insured? Take a look at their insurance policy.
Any Other Suggestions on Finding Hole in One Insurance?
Focus on the prize to build excitement. At Hole-in-One Clearing House, we can do any kind of a prize as long as there is a dollar value attached. We’ve insured livestock, a high-end Mercedes, His & Her bands, and a Maserati. Our company insures up to one million dollars. The prizes create plenty of excitement. A shiny Harley-Davidson Fat Boy sitting out on the green inspires a lot of enthusiasm. Another idea for charities is to split a cash prize with the winner.
Golf Tournament Software
If you’re planning a fundraising golf tournament, you’re going to need online registration and tournament management services. GolfRegistrations is the leader in golf tournament software services for charity and corporate golf tournaments. Try us out with a free trial and see how we can help your organization raise money.