The Truth About
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How it works . Typically an event or outing or tournament
picks one par three. They then tell the hole in one insurance company, how many
players, the hole yardage and the prize value. If someone makes a hole in one
they receive the prize. So, whats the truth? The Hole In One Insurance company
makes money based on the fact of the probablility of hole in ones and the money
they receive vs. how much has to be paid out.Don't hold this against them. They
are providing an important service. You wouldn't want to pay out if a hole in
one is made. Like any other insurance they are backing your fortune or
misfortune. Just make sure they are reputable.
When purchasing hole in one insurance the MOST important
thing is
"IS THE COMPANY YOU ARE PURCHASING FROM GOING THROUGH A REAL
INSURANCE COMPANY OR ARE THEY SELF INSURING??".
Ask them that question and
more.
Will you receive a certificate of insurance?
This certificate tells you the name
of the insurance company and the premium number.
What is the name of their
insurance company?
You do not want to be stuck with the prize amount if they
aren't legally backed. There are too many of horror stories in this industry.
When someone in your group gets one they win the prize. Let's just go on the assumption that a hole in one can happen one in every 8,000+ times ( It's more like 13,000-1). I used to work for a company that provided insurance for golf hole in ones. They did not go through a real insurance company so when difficulties were encountered, I decided to leave and become fully backed by an insurance company. Let me tell you how the previous one worked. They sold insurance for a $5,000 hole in one at one dollar per shot. Given the probabilities above if they sold 8,000 of them they would pocket $3,000. What if two people got hole in ones but the company only collected $4,000 to date?? You can see the problem.
List of OTHER Hole In One Insurance Suppliers. We do not vouch for any of these companies. In fact,
we know some of them self insure!
Please ask them the questions above:
More Information and Free Quote
For more information - Contact
(609) 932-7662
Email Golf - HoleInOne, holenone@golf-holeinone.com
