This study was carried out to see how well the objectives of the Nigerian Agricultural Insurance Scheme had been achieved in Ondo State. Multi-stage sampling technique was used to select 120 insured farmers from two local government areas and a well-structured questionnaire was used to collect data from the farmers. The data collected were analyzed using descriptive statistics. The analysis shows that accessibility to credit was the only reason the farmers participated in the insurance scheme. However, the farmers affirmed that there was increase in investments which brought about increases in their output. Thus, their accessibility to farm credit could be said to be responsible for these increases. Hence, some of the objectives of the agricultural insurance scheme to increase agricultural production and accessibility to credit had been achieved.