Any golfer, who has ever made a hole in one, will tell you how thrilling it is to hit that shot. And the excitement is doubled, when tournament organizers are offering a hole in one prize. Hole in one competition can add great promotional value to any golf tournament, but the prizes have to buzz worthy; in simple terms, the prize should be lucrative. That is the only way you will attract the players, and consequently the sponsors, you want.
Such a prize can cause a big dent in your budget; to avoid that the easy solution is to get hole in one insurance. We at Advantage HIO, provide hole in one prize insurance to clients in US, Canada and England. We often receive queries from our clients, inquiring about the exact costs and expenses of hole in one insurance. So, we thought that we should write a post detailing the cost calculations of hole in one insurance.
The cost of any hole in one prize insurance depends on three major factors, the value of the prize being offered, the number of players participating in the tournament and the distance from the tee off point to the green (yardage).
Value of Prize
The value of the prize you offer depends on the scale of your tournament and the promotional value you want to add to it. Basically, you can offer a prize worth, or cash, a few thousand dollars to a million dollars or even more. The value of the prize has a direct impact on the insurance cost, as the value goes up, so does the cost of the insurance.
Number of Participants
The number of players can determine the probability of the shot being made. A tournament with 144 players will charged more for their hole in one insurance, than a tournament that has 72 players.
The distance from the tee to the hole can affect the odds of a player making a hole in one. So, depending on the insurance provider, the cost of your hole in one insurance will vary, owing to the yardage.
After considering the factors mentioned above, we will calculate the cost of your insurance. We can some examples, to give you a better idea about how expensive hole in one insurance is. A tournament that has 72 players and $8000 in prize, with a 150 yardage, will be charged around $200 or less for hole in one insurance. A tournament with 144 players, $50,000 prize and a 170 yardage, will be charged $1500 or less. If you want to go big, like a million dollar prize, then your insurance costs can be in the high thousands.
We hope that the information above is helpful for you. To get more accurate costs, you can request a quote from our website.