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Hole In One Insurance News - Foresite Sports

Thursday, April 3, 2008

Hole In One Insurance & Car Dealerships

As car dealerships are by far the most prolific purchasers of hole in one insurance, we thought we'd take this opportunity to share some valuable ideas with our favorite group of customers. Even if you are not a car dealership, some of these suggestions may be worthwhile to remember when you approach a car dealership about sponsoring a hole in one contest at your upcoming event.

Understandably, price is usually the very most important consideration when car dealerships are deciding on a hole in one insurance package. After all, as most dealers are solicited as sponsors for dozens of events each year, they want to keep their costs to an absolute minimum. That being said, there are three very important considerations to make when choosing a hole in one insurance prize package.

First of all, when deciding what value to have covered for your prize vehicle, you'll want to pick a number that you would be comfortable accepting as payment for the car. For example, many times we are asked whether to cover the cost of tax, title and tags. The simple answer is that it is entirely up to you. In the event that a golfer successfully makes a hole in one, hole in one insurance providers will be cutting a check for the exact value that was covered by the coverage. So, if $20,000 was the value stipulated in the application, a $20,000 check will be sent to the winner. If that $20,000 fails to cover the entire cost of the vehicle, then someone other than the hole in one insurance provider will be responsible for making up the difference. That said, do you really want a potential future service customer coming into your showroom and finding out that to get the car your dealership was supposedly offering he or she now has to pay an extra amount? That decision is your, but we'd suggest that to avoid such problems, you have the entire cost of the vehicle covered. That way, the winner can walk into your showroom and walk out with the keys, no questions asked. Additionally, the extra cost to cover tax, title and tags is going to be minimal. We're talking an extra $25 or so for most coverages.

Secondly, if your are trying to minimize the cost of your hole in one insurance, opt for sponsoring a lease rather than the outright sale of the car. Today, more and more dealerships are opting for sponsoring a two or three year lease rather than the full value of the car. Without a doubt, this is a surefire way to reduce the cost of your hole in one coverage. For example, if you are asked to sponsor an event with 100 golfers (and we'll assume that they are playing on a par 3 hole measuring only 165 yards) and you are deciding between a lease or outright sale of a $25,000 car, the coverage for the full cost would be roughly $475. However, if you did a two-year lease on that car (estimated payments of $425/month or $10,200 total) your hole in one insurance fee would only be $220. That's almost 54% less! Needless to say, we'd recommend covering leases if you're a high volume dealership that gets bombarded with sponsorship requests each year; you can save a bundle.

Finally, we extend a word of caution when searching for the lowest price out there. Unfortunately, there exist a few less than reputable firms in our industry that offer unbelievably low prices on hole in one coverage, but actually self-insure the prize. This means that in the event of a hole in one, their ability to pay out is dictated by how much money is currently in their bank account. If they don't have enough to cover the cost of your prize, you're out of luck and will have to drag them into court to claim your prize. Thankfully, most hole in one insurance providers are backed by the full financial strength of an underwriter, effectively eliminating any potential for not paying out. Foresite Sports, for example, is backed by an insurance company that is rated 'A+' by A.M. Best and boasts over 2 billion dollars in assets. If we have a winner, you're getting your prize. It's as simple as that.

Each of things are very important to keep in mind as your shopping for hole in one insurance. If you have any questions at all, please don't hesitate to give us a call. Foresite Sports proudly works with car dealerships from across the country. In the last year we have worked with dealers of every major brand, including, Acura, Aston Martin, Audi, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ferrari, Ford, GMC, Honda, HUMMER, Hyundai, Infiniti, Isuzu, Jaguar, Jeep, Kia, Lamborghini, Land Rover, Lexus, Lincoln, Maserati, Mazda, Mercedes-Benz, Mercury, MINI, Mitsubishi, Nissan, Pontiac, Porsche, Saab, Saturn, Scion, Subaru, Suzuki, Toyota, Volkswagen, and Volvo.