Why Would You Possibly Need Hole-In-One Insurance In Japan?

Japan may not be the first location that comes to mind when thinking about golf courses, but the sport is extremely popular there. The biggest threat on Japanese golf courses is luck. That’s because there’s a tradition in Japan that requires golfers who make a hole-in-one pay for an elaborate celebration party in their honor. That’s why as many as 40% of Japanese golfers buy hole-in-one insurance. Between meals, drinks, activities and souvenir gifts, the lucky player pays an average of $1,750 for a party, but the bill can go as high as $10,000 in extreme situations. The cost of hole-in-one insurance is only $65 a year to be hedged for up to $3,500 per hole-in-one party. The good news is that the average golfer has a 1 in 12,500 chance of getting a hole-in-one, which is the same probability of finding a pearl in an oyster.