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Tractor Talk Discussion Forum

crop insurance opinons please

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havvey

07-31-2007 06:42:10




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We have it here seems to me you have to have a terrific loss. And it pays pennies on the dollar? An old fellow once said insurance is a pyramid scheme with most paying in much more than they ever get out of it.




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James22

07-31-2007 13:16:41




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 Re: crop insurance opinons please in reply to havvey, 07-31-2007 06:42:10  
I bought the maximum GRIP last year, had a poor crop because nearly all the rains missed us. However overall the county did fine and I didn't get a penny with a corn yield of 110 bu/acre. Basis was the county average of 182 bu/acre. If you need insurance to sleep, and you receive growing conditions representative of the whole county, then go for it. Probably never again for me. We have never had a hail problem or would more likely consider hail insurance.

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super99

08-01-2007 03:21:55




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 Re: crop insurance opinons please in reply to James22, 07-31-2007 13:16:41  
Why did you buy the GRIP? CHEAP Premium! Go back and look at the difference in payout for Guaranteed Revenue Coverage and then figure out how many dollars per acre you lost for a few more dollars per acre. Rented this place in 2000, bought it in 02. Have had GRC every year. Can't afford to eat a loss. Used it 2 times. Once just paid a litle more than the preminm and the next time paid out big. If I hadn't had it, I'd have lost the place. $20 per acre premium guarantees me $400 per acre reguardless. Not the place to skimp. If you can afford to pay the expenses and go without any income for a year you don't need insurance, If you can't, either buy enough to cover yourself or else just quit and do something else. Weather is not dependable anymore, anyone can be wiped out by too much or not enough rain, ANYWHERE! When I set up my operating loan and took it to the banker, he was very pleased to know that he would get his money back regardless of the kind of year we would have. Wouldn't farm without it. Chris

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okiefarmer

07-31-2007 09:24:16




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 Re: crop insurance opinons please in reply to havvey, 07-31-2007 06:42:10  
We had a complete wheat crop failure this year in most of oklahoma/kansas. With wheat prices now around $6.....my 70% CRC crop insurance will pay handsomely. If you rely on your farm income..... it's not a smart business decision to NOT have insurance.
Oh, and one more thing. The federal disaster package recently ok'ed by congress for years 05/06/07 .....you will not be eligible to receive payment if you didn't have federal crop insurance.

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VADAVE

07-31-2007 08:38:44




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 Re: crop insurance opinons please in reply to havvey, 07-31-2007 06:42:10  
Insurance is a risk reduction tool. Decide how much risk you can stand then carry insurance for the rest. I carried insurance on wheat, corn and soybeans until I realized the risk of a wheat crop failure was very low. Also had a round with head scab and lost a crop, loss of a few thousand with an insurance payout of $50. Dropped insurance on wheat.
Corn and beans another matter. My insurance is on revenue and the payout is better--it at least covers expenses.

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Stinky Cheese

07-31-2007 06:59:40




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 Re: crop insurance opinons please in reply to havvey, 07-31-2007 06:42:10  
If you can stand the loss, by all means don`t buy it. If you can`t afford a failure, then you better have some sort of insurance.

Someone once said: If you don`t believe in insurance, just die once without it. I think they knew what they were talking about.



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Dave from MN

07-31-2007 06:50:17




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 Re: crop insurance opinons please in reply to havvey, 07-31-2007 06:42:10  
I know around here guys that have drought insunance and an (yeild?) insurance are sure more relaxed than those that only took out hail insurance,



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