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Hole In One Insurance News - Foresite Sports

Wednesday, February 20, 2008

Selecting a Hole In One Prize

So you're running a golf outing, and you're trying to come up with ideas for a hole in one prize. Where do you start? A common question when dealing with hole in one insurance is what to insure. At Foresite Sports, we try to assist our clients with this important selection process all the time. After all, a hole in one contest is supposed to generate "buzz" for your event. If the prize doesn't wow your potential golfers, holding the contest and spending money on hole in one insurance may not make much sense.

When it comes down to it, there are basically three types of prizes that people select to have covered by their hole in one coverage: cash, cars, and everything else. Cold, hard cash and automobiles are by far the most popular options when it comes to hole in one prizes. The reality is that you rarely can go wrong with either. When's the last time you heard someone complaining about winning $25,000? That's what we thought too. Likewise, Americans are obsessed with cars. Fast cars, big cars, sporty cars, you name it, we love it. For these very reasons, you'll find cash and cars accounting for approximately 75% of all prizes covered by hole in one coverage.

But wait! What about everything else? Truth be told, when purchasing hole in one insurance, you are not bound by any specific prize. The reality is that the coverage you are securing is for a dollar value, not specifically for the black 2006 BMW 325i with a sunroof and heated seats that you spotted on a local dealer's lot the other day. Since that is the case, you are free to pick any prize you can imagine as long as it has a value associated with it. For example, in the past we've covered some pretty unique prizes: a year's supply of gasoline, an ambulance, an x-ray machine, plastic surgery, a private jet, and even a new house.

So when might cash or a car not be such a great option for your hole in one prize? Well, while nobody complains about cash, it isn't all that intriguing either. $15,000 is $15,000, but it is certainly not 6 days and 5 nights in Augusta, Georgia during the first week of April with tickets to The Masters, and the opportunity to see history as Tiger Woods chases down the Golden Bear's record of 18 major championships. Likewise, some people find the opportunity to attend the Super Bowl to be a more compelling prize than ten grand in their bank account. If you're looking to pique the interest of golfers, sometimes a unique, once in a lifetime prize can be a little more effective.

But what about the car option, you ask? Well, whenever you purchase hole in one insurance for a car, you need to make sure that the car fits your golfers. For example, if you are hosting a high-end, $350/golfer-type event, you don't want people getting up to the tee box and seeing that they have the opportunity to win an '86 Fiat. Understand where we're going with this? You need the car to match the tastes of your golfers.

So put your thinking caps on and imagine what type of hole in one prize would interest you. 9 times out of 10, any prize you select will be well-received by your participants. But that doesn't change the fact that hole in one insurance is an important expense for your tournament, and the associated deserves to be well-thought out. Should you need a little assistance choosing a prize, don't hesitate to give us a call. Any one of our tournament consultants would be happy to brainstorm with you to devise the perfect hole in one contest for your event.