Comprehensive Pet Insurance Coverage
Pros
- 24/7 virtual consultations
- No network limits
- No maximum age
- Several customer service channels
- Money-back guarantee for 30 days
Cons
- No accident-only or wellness plans offered
- Recommends exam for enrollment
- Only cats and dogs
- Exam fees not covered
- Annual limits plus lifetime max benefits
About Figo Pet Insurance
Figo Pet Insurance provides pet owners cost-effective and straightforward plans to cover common accidents and illnesses.
Figo Pet Insurance was founded in Chicago in 2012. They offer insurance policies for cats and dogs in all 50 US states. Pets enrolled in a Figo insurance policy can receive service from licensed veterinarians in United States, Canada, or Puerto Rico. Thanks to their background in technology innovation, Figo has one of the most complete apps for pet insurance. They also employ a tech-first approach when it comes to customer service. The insurance provider gives customers several different channels to access their representatives through phone, text, email, as well as social media.
Figo uses three insurance underwriters for their policies – Markel American Insurance Company, Markel Insurance Company, and Independence American Insurance Company – but they administer their own policies. Although this doesn’t affect the normal customer experience or claims filing, it’s still something all policyholders should know. The financial guarantee of your insurance policy comes from the underwriter that’s why you should always check the financial stability rating of a company before you sign up for their plans.
With the Figo Pet Cloud app, you can get access to veterinarian consultations 24/7. This is a feature of all policies and comes with no charge. You can also pay a visit to a licensed veterinarian in the United States, Canada, and Puerto Rico for services including general veterinary, specialists, and emergency rooms.
Figo does not have a maximum age limit for eligibility. However, older pets may be subject to some restrictions such as proof of a recent wellness exam and limited mortality benefits. If you have any inquiries about your policy, you can contact Figo’s customer support team through email, phone, chat, text, or Twitter. They also offer a 30-day money-back guarantee if you decide that Figo’s insurance policy does not suit you. You can get a refund within 30 days if you have not filed a claim.
Compared to other pet insurance providers, Figo lacks in providing different options to their customers. Currently, they only have one plan and one rider available and none of these provide wellness coverage. You will be required to sign up for a plan with accident and illness coverage. If you have pets other than cats and dogs, you will not be able to find a plan from Figo.
Although a veterinary exam is not required to enroll your pet, Figo may recommend that you get one. If you can’t show proof of a recent checkup within a year before the coverage begins, the first succeeding exam may be used to establish preexisting conditions.
Exam fees, which are almost included in every accident or illness-related visit, are not included in their base coverage. You need to add a few dollars a month if you want coverage for exam fees. Pet insurance companies typically impose annual limits. Figo has this as well but they also have a lifetime limit on some policy benefits.
Plans and Pricing
Plans
Figo’s policy options are offered in a simple format that is easy to understand but difficult to customize. Pet owners who want more control over the type of coverage they have may be disappointed by the limited choices. Figo claims to offer three types of policies, but they are basically the same plan with different annual benefit limits.
All their policies are for accident and illness coverage, but they lack the options for wellness benefits or accident-only coverage. The only rider you can add to your plan is the inclusion of exam fee coverage for accident and illness-related visits. The exam fee rider will cost you just a few extra dollars per month.
Another way to customize your insurance plan is by setting the coverage level. You can choose to set your annual deductible as low as $100 and as high as $750 and reimbursement limits from 70% to 100%. Specific types of care may have different limits but in general, you can choose to set an annual limit starting at $5,000.
| Covered treatment | Included | Additional fee |
| Lab tests |  | |
| Procedures | | |
| Continued treatment | | |
| Medication | | |
| Genetic conditions | | |
| Specialists | | |
| Behavioral treatment | | |
| Medical boarding | | |
| Alternative/holistic care | | |
| Cremation/burial | | |
| Spay/neuter surgery | ||
| Vaccinations | ||
| Dental treatment | ||
| Preventive care | ||
| Microchipping | ||
| Exam fees | |
Pricing
When you look at the prices alone, Figo’s policy premiums are on the lower end compared to many of its competitors. Even the top-tier plans that are the most expensive are still affordable. However, although they come cheap, take note that Figo’s plans cover fewer items than the more expensive plans from other providers. Exam fees usually cost $50. It will be an out-of-pocket expense if you don’t have the exam fee coverage rider.
We’ve outlined below the price range for Figo’s insurance plans as well as the additional cost of an exam fee rider.
| Pet | Monthly Premium | Exam fees rider |
|---|---|---|
| Cat (1 year) | $8.28 – $27.28 | $1.42 – $4.06 |
| Cat (3 year) | $7.67 – $25.24 | $$1.32 – $3.76 |
| Cat (6 year) | $8.67 – $28.06 | $1.49 – $4.12 |
| Cat (12 year) | $20.63 – $71.30 | $3.54 – $10.33 |
| Dog (1 year) | $12.98 – $42.75 | $2.23 – $6.37 |
| Dog (3 year) | $12.95 – $42.66 | $2.22 – $6.36 |
| Dog (6 year) | $16.92 – $54.44 | $2.90 – $8.01 |
| Dog (12 year) | $46.27 – $160.44 | $7.94 – $23.18 |
Waiting Period
The coverage of your pet’s insurance policy does not begin as soon as you sign the contract just like any other insurance policy. Figo has comparatively shorter waiting periods: 3 days for injuries, 14 days for illnesses. The waiting period for some orthopedic conditions can last up to one year. You can reduce or get rid of the waiting period if you submit exam results within 10 days before the start of coverage. However, you’ll need to shoulder the exam fees will alone.
Exclusions and Coverage Limits
Exclusions
Pre-existing conditions detected before you signed up for a policy are not covered by Figo’s insurance policies. This is standard practice for insurance providers. What we don’t consider standard practice is that when the coverage starts, conditions detected during the first vet visit may be classified as pre-existing and rejected from coverage. Figo can enforce the policy if you can’t provide recent vet records from 12 months before the coverage starts. You can get your pets checked just to be on the safe side.
In addition to preexisting conditions, Figo’s policies do not cover treatments and services related to wellness and preventive care. Vaccines, microchipping, and routine checkups will not be covered by any of their policies. You should also review the fine print for other specific conditions that they have excluded from coverage such as coprophagia and parasite treatment.
Coverage Limits
Figo gives you three different options for the annual limit of your policy. The lowest cap for a policy is $5,000 but you can choose unlimited coverage by paying higher premiums.
Aside from annual limits, Figo also enforces a maximum lifetime limit which is not common for some of its competitors. The lifetime limit differs according to age and state, but the cheapest policy would normally have $100,000 as a lifetime limit.
Claims and Customer Service
Figo’s mobile app makes it easy for pet owners to file a claim every time they get billed for a covered service. The app and its AI claims assistant Evie provide the fastest way to get your payment reimbursed. If you’re not sure about navigating the mobile app and would like a more traditional method, you can also file claims through phone, email, snail mail, or fax. Figo aims to process a claim with 7 to 10 working days.
For inquiries about services or your policy coverage, you can contact Figo’s customer service team via text, phone, email, live chat, or Twitter. If you do have the mobile app, you can also request assistance through that. The Pet Cloud app is designed not only for filing claims but for communication with licensed vets as well.
Third-Party Rating
Figo’s B+ rating from the Better Business Bureau doesn’t look as good when the majority of its competitors have at least an A rating. The lower rating could be attributed to a large number of complaints in the past 12 months. Many customers complained about denied claims and midterm policy adjustments in premiums or underwriters
Independence American Insurance Company, Figo’s primary underwriter, received an A- rating from AM Best for their financial stability. This is actually an Excellent rating but Figo would need to find stronger underwriters if they really want to take a step ahead of their competitors.
Figo Pet Insurance Vs Market Competitors
Figo Vs Pets Best
Two of the best known pet insurance companies in the market, Figo and Pets Best have their own share of happy customers owing to their plans and services. Although they offer the best services and plans, there are a few big differences between the two brands. For one, Pets Best offers their customers with an optional wellness coverage but Figo on the other hand offers only standard illness and accident coverage plans.
Figo is the best choice for you if you are looking for top class insurance coverage for unexpected things. And if you want a plan that offers coverage for basic annual plans and emergencies, then Pets Best is the best option for you. For example, Figo offers plans that include holistic treatments (acupuncture and chiropractic) which are not available in the standard plan offered by Pets Best (but are available as an add-on option). Also, prescription medicines for illness or accidents are covered in the Figo plan, but with Pets Best, they are included as an add-on option. Hence, it all comes to what you want the best for your pet.
Figo Vs Trupanion
Searching for a good pet insurance service is a difficult task. Here is a comparison between two of the most successful and famous pet insurance brands to help you choose the best.
Figo is a pet insurance service that offers complete coverage to their customers. With 3 flexible pet health care and wellness plans, Figo is one of the topmost pet insurance companies in the market. They offer an unlimited benefit plan with 100% reimbursement option. Additionally, they have one annual deductible which makes it a pocket-friendly company than the others.
On the other hand, Trupanion has just one main plan for their customers that covers illness and injuries. Compared to Figo’s exclusive addon options, Trupanion offers you pet owner assistance, recovery and also complementary care services. one of the biggest difference between Figo and Trupanion is their annual deductibles. Figo allows you to choose a deductible amount ranging between $100 and $750. A lower deductible amount with higher reimbursement will simply increase your premium cost. On the contrary, Trupanion offers you a deductible ranging between $0 and $1000. When it comes to reimbursements, Trupanion offers you upto 90% reimbursement options.
Conclusion
Figo’s low premiums could be tempting for pet owners who are currently looking for a pet insurance plan. And while the premiums could cater to all budget limits, the policy coverage does have serious limitations that could cost pet owners out of pocket expenses in the future. For instance, Figo can restrict certain treatments and will not cover some common conditions.
Out of pocket expenses for exam and consultations fees quickly add up if you make frequent visit to vet. You need to pay additional fees for exam fee coverage since it’s not covered by their base plan. Do the numbers and make sure that you’ll get value for your money before signing up for a Figo insurance plan.
