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Figo Pet Insurance Review
By Nicole Symon MONEY RESEARCH COLLECTIVE
Pet insurance offers pet parents peace of mind that their pets can get the treatment they need without getting stuck with a hefty vet bill. While it doesn’t cover everything and may not pay off for some people, it may help if your pet needs covered treatment. There are a variety of pet insurance providers, which can make it difficult to determine the best plan for you.
This guide will cover the positives and negatives of Figo Pet Insurance, which earned a place on our list of the best pet insurance companies thanks to its flexible reimbursement options.
Figo Pet Insurance overview
Figo stands out from other pet insurance providers by offering reliable and customizable pet insurance policies. You can choose from three coverage plan options and add extra coverage if needed.
- No upper age limit
- Easily file claims in the mobile app
- 100% reimbursement option
- Available add-ons
- 5% multi-pet discount
- No coverage for pets other than cats and dogs
- No accident-only plan
- Possible $15 administration fee
- Long waiting period for orthopedic conditions
Pros explained
- No upper age limit: Unlike some other pet insurance providers, Figo doesn’t terminate your coverage when your pet reaches a certain age.
- Easily file claims in the mobile app: Policyholders can submit a claim to Figo for reimbursement through the Figo Pet Cloud app. The app has other features for pet parents, including telehealth and a way to connect with other pet owners.
- 100% reimbursement option: Figo uniquely offers a 100% reimbursement option which, if selected, entirely covers the included treatments. You only have to pay your premium and deductible.
- Available add-ons: You can customize your Figo plan with optional add-ons, such as the Extra Care Pack, which covers boarding, pet theft and more.
- 5% multi-pet discount: If you enroll two or more pets in Figo pet insurance plans, there’s a 5% multi-pet discount off your premiums.
Cons explained
- No coverage for pets other than cats and dogs: If you have pets other than cats or dogs that you want to be covered by pet insurance, Figo is not the company for you. It offers cat and dog insurance for popular breeds but does not have policies that cover other types of pets.
- No accident-only plan: Some pet insurance providers offer accident-only plans that are cheaper than comprehensive health plans, but Figo doesn’t have this available.
- Possible $15 administration fee: Depending on your state and whether you are a Figo Costco customer, you may be subject to a $15 administration fee when you open a Figo account.
- Long waiting period for orthopedic conditions: Figo pet insurance plans include a six-month waiting period before it covers treatment for orthopedic conditions, such as hip dysplasia.
Figo pet insurance coverage
What a Figo pet insurance plan offers
It’s common for pet owners who have never purchased insurance to wonder: What does pet insurance cover? Figo pet insurance plans cover treatment for all of the following:
- Congenital conditions
- Cancer
- Chronic conditions
- Bites and burns
- Broken bones
- Genetic conditions
- Knee conditions
- Hip dysplasia
- Non-routine dental conditions
Additionally, these plans cover prescription medications, diagnostic testing related to new accidents and illnesses, emergency care and surgeries. You can also purchase optional extra coverage for veterinary exam fees and prescription diets up to $250 annually. Between the standard coverage and additional options, pet insurance plans from Figo are some of the most comprehensive on the market.
You can complete the entire purchasing process online. Once you’re a Figo policyholder, you can use the Figo Pet Cloud app to view your policy details, track claims, and submit your pet’s medical records. The app also allows you to live chat with a veterinarian 24/7.
Figo partners with Costco, meaning Costco members may be eligible for exclusive plan discounts. Figo Costco Pet Insurance is available to Costco Gold Star Members, Business Members and Executive Members. Visit the Figo or Costco websites for more information.
What a Figo pet insurance plan doesn’t offer
There are some limitations to Figo’s plans. They don’t cover the following:
- Pre-existing conditions
- Cosmetic procedures, such as ear clipping
- Breeding and pregnancy-related procedures
- Experimental procedures
- Preventative and routine dental care
- Routine wellness treatments
- Some parasites
Other than these few limitations, Figo offers comprehensive coverage for accident and illness treatment for your pet. If you’re worried about routine and preventive dental care costs, you can explore pet dental insurance coverage and cost.
Types of coverage plan options available
Figo offers three different pet insurance plans, each with varying levels of coverage.
Essential Plan ($5,000 annual coverage)
The Essential Plan provides up to $5,000 in annual benefits. This is the most affordable option. In addition to the yearly maximum of $5,000, the Essential Plan is also subject to a $100,000 lifetime maximum benefit amount.
Preferred Plan ($10,000 annual coverage)
Figo’s Preferred Plan is the next step up from the Essential Plan. This is Figo’s most popular option. You cannot exceed a lifetime maximum of $150,000 on the Preferred Plan.
Ultimate Plan (Unlimited annual coverage)
The Ultimate Plan offers unlimited benefit coverage — there’s no annual or lifetime benefit cap.
Figo Powerups
With any of the three plan options, you can add Figo’s Extra Care Pack for a small monthly fee. It extends your coverage to include the following:
- Boarding fees
- Pet theft (up to $150)
- Cremation and burial (up to $250)
- Third-party property damage protection (up to $10,000 and subject to a separate deductible)
- Vacation cancellation due to a pet emergency
- Lost pet advertising
Other optional add-ons you can include are the Wellness powerups and the Veterinary Exam Fees powerup. The two wellness options — Basic and Plus — include routine care coverage, such as preventative and dental care. With the Veterinary Exam Fees powerup, Figo will cover exam and consultation fees for eligible illness or accident treatments.
Figo Pet Insurance accessibility
Contact information and customer service
You can call Figo pet insurance customer service at 844-738-3446 Monday through Friday from 7 a.m. to 7 p.m. CST and on Saturdays from 8 a.m. to 6 p.m. CST. You can also speak to a customer service representative over text at 844-262-8133. If you prefer email, you can reach the support center at support@figopetinsurance.com.
Wide availability
Figo pet insurance is available in all 50 states and Washington, D.C. Keep in mind that plan prices and details may vary by state, so the best way to find out your options is to request a quote from Figo.
Deductibles
You can choose the deductible amount on your Figo insurance plan. The options are $100, $200, $250, $500, $750, $1,000 and $1,500. However, not all of these deductible amounts may be available in your location or because of your pet’s age.
Reimbursement
Arguably, Figo’s most unique feature is that it offers a 100% reimbursement option. Though it’s only available with higher deductibles, this option means you won’t have to pay anything beyond your deductible for covered vet bills.
Figo offers other reimbursement rate options, including 70%, 80% and 90%. Generally, the lower the reimbursement rate you choose, the lower your premiums will be.
Limitations
Figo policies don’t cover any pets other than cats or dogs. Also, like many other pet insurance companies, Figo doesn’t cover treatment costs related to pre-existing conditions.
A pre-existing condition is any injury or illness that was causing symptoms in your pet before your policy started or during the applicable waiting period. A condition could be pre-existing even if a veterinary professional didn’t diagnose the problem before your policy began. The critical factor is when your pet first displayed symptoms of that condition.
Waiting period
Figo plans have different waiting periods depending on your state. Generally, the waiting period is one day for accidental injuries and 14 days for illnesses.
The waiting period can be as long as six months for orthopedic conditions like hip dysplasia. Figo may waive that if your pet has had a healthy orthopedic exam within 30 days of the start of your policy.
Figo customer satisfaction
Customer satisfaction for Figo is generally high, with some exceptions. Happy customers highlight the company’s convenient Pet Cloud app and 24/7 vet chat service.
Third-party ratings
Reviews of Figo on the review platform Trustpilot are fairly positive, with an average of 3.7 out of five stars as of December 2022. Positive Figo reviews mention the company’s easy claim filing process and fast approvals.
Figo is a Better Business Bureau accredited business with a B+ rating from the company. However, the customer reviews displayed by the BBB are significantly less favorable, averaging 1.11 out of five stars.
Pet owner reviews and complaints
The reviews of Figo are mixed. There’s no resounding answer to the question, “Is Figo pet insurance good?”
One negative Figo review posted on the BBB site mentioned that the company increased this policyholder’s premiums and failed to pay benefits on a valid claim. Other Figo Costco Pet Insurance reviews also mentioned difficulties getting claims paid. Complaints often focus on increasing rates when policies renew.
On the positive side, some policyholders left good reviews saying that Figo processed their claims quickly and that the company’s customer service was knowledgeable and pleasant. They also appreciated the convenient online tools, like the Figo Pet Cloud app.
Figo Pet Insurance FAQ
How much is Figo pet insurance?
Before you purchase a policy, you'll probably want to know, how much is pet insurance from Figo? Figo pet insurance policies vary in price based on factors such as the age and breed of your pet, the deductible you choose and your location. For example, insurance for a one-year-old shorthair cat will typically be cheaper than insurance for an eight-year-old German shepherd.
The best way to determine your cost is to fill out the form on Figo's website for a quote. Once you have your quote, you can better answer the question, " Is pet insurance worth it?" for you personally. Figo offers a 30-day money-back guarantee, so if you cancel your plan within the first 30 days and have not filed a claim, Figo will return the premium you paid.
Where is Figo Pet Insurance located?
Figo Pet Insurance is based in Chicago, but plans are available for pet owners across the U.S.
Who owns Figo Pet Insurance?
In 2021, JAB Holding Company acquired Figo Pet Insurance. Independence American Insurance Company underwrites the pet insurance administered by Figo.
How long do Figo claims take?
Figo affirms that it will process claims within 30 days. You can submit a claim in the Figo app or by email, phone or fax. Once submitted, you can monitor the status of your claim through the app.
How we evaluated Figo Pet Insurance services
To review Figo Pet Insurance services, we considered the following details:
- Plan options
- Premium costs
- Policy restrictions and exclusions
- Annual and lifetime caps
- Customer service and satisfaction
- Third-party ratings
- Claims process
- Reimbursement amounts
Summary of Figo Pet Insurance review
Figo is a great option for tech-savvy cat and dog parents who want the ability to customize their pet insurance plans. Costco members can even use their membership for a discount on Figo pet insurance plans.
If you’re looking for predictable pet treatment costs, it’s hard to beat Figo’s 100% reimbursement option. You also have a variety of deductibles and insurance add-ons to choose from with Figo pet insurance plans. Just be aware of the applicable waiting periods for your policy and the possible administrative fee.
