Abstract: In-depth understanding of farmers’ demand, preference and willingness-to-pay is of great significance to promote the high-quality development of agricultural insurance. Based on the questionnaire survey data of five counties and cities in Yushu Tibetan Autonomous Prefecture, Qinghai obtained by contingent valuation method as an example, and applying the double-bounded-dichotomous-choice model, this paper estimated farmers’ willingness-to-pay for yak snow disaster weather index insurance and discussed the influencing factors. Results show that the average willingness-to-pay for the index insurance is 17.26 yuan per yak. The risk preferences, characterized by household characteristics such as age and family size, have significant impacts on the willingness-to-pay. The family net income, the acceptance of index insurance, the importance of livestock insurance and past indemnity experience all have positive impacts on the willingness-to-pay. Livestock losses during the last snow disaster have a positive but insignificant impact on the willingness-to-pay. In addition, there is an alternative relationship between the index insurance and the risk prevention measures such as the preservation of livestock sheds and feed reserves. Therefore, this paper suggests: 1) to speed up the pilot project of snow disaster weather index insurance; 2) to strengthen the publicity and education on index insurance; and 3) to implement different subsidy levels linked to different insurance amounts.