All About Golf Hole-In-One Insurance

Anyone who has ever played golf has seen one of those big hole-in-one prizes offered at the local golf charity event. There held in every town across the nation. But, have you ever wondered just how the clubs can afford the opportunity to offer huge prizes for these events? Believe it or not they have golf hole-in-one insurance to protect themselves.

When you really stop to think about it, we have insurance coverage for just about anything in life. Golf hole-in-one insurance is no different than auto or health insurance. The insurance company charges the event planner a set premium to cover the expense of the prize being offered. Of course, the odds of someone actually getting a hole-in-one are quite high, so the odds are definitely in the insurance companies favor.

Golf event planners try to put together a prize list that will attract people from every walk of life, not just regular golfers. To do this they need to offer some big time prizes. For instance, offering a $50,000 prize for a hole-in-one, or a new car, will definitely grab your attention. It's hard not to get excited about that. Well, the event planners and the golf course would have a difficult time coming up with that kind of money in the event someone actually won it. This is where golf hole-in-one insurance comes in.

The cost of the insurance is pretty inexpensive. Just consider the odds of someone getting a hole-in-one. For an amateur the odds are about 1 in 15,000. For the weekend hacker it's obviously much higher. What are the odds of a PGA pro doing it? About 1 in 3,000. This is why event planners can offer such nice prizes.

While the insurance coverage is inexpensive, the prizes catch everyone's attention and draws in plenty of participants. Usually, the tournament event will charge every golfer and extra amount for taking their chance at getting the hole-in-one on that particular hole. This extra cost will generally offset the insurance premium that was charged. And by having these large prizes, the event planners know they will have a ton of people signing up and playing in the golf event.

Having golf hole-in-one insurance just makes good sense if you are planning to offer a big prize for a hole-in-one. It's a win-win situation for all involved. So, the next time you hear someone ask how in the world can this tournament offer such a high cash prize for an ace, you'll know. They have golf hole-in-one insurance.