If your pet suffers from an emergency accident or falls ill unexpectedly, are you confident you could afford the medical bills? Many people don’t realize just how expensive medical fees can be for animals until they’re faced with the veterinary bill.
Pet insurance companies like Figo were created with your furry friend in mind, providing critical protection in exchange for affordable premiums. Figo is on the cutting edge of innovative technological solutions for pet insurance, but is it worth considering otherwise?
Our Figo pet insurance review explores all that the company has to offer, providing details on its coverage, quotes, and alternative providers.
Table of Contents:
- About Figo Pet Insurance
- Figo Pet Insurance
- Figo Pet Insurance Waiting Period
- Pros & Cons
About Figo Pet Insurance
Figo’ story began in 2012, as part of Google’s Tech Hub Network. In its short history, Figo has made a name for itself in the insurance industry.
Rooted in innovative technology, Figo is dedicated to providing the coverage pets need and the user experience their owners deserve. Their cloud-based services help policyholders to manage their policies and claims seamlessly, giving them updated on-the-go access to all of their pet plan information.
The app even locates dog-friendly places near you and allows you to connect with other local pet owners. On the medical front, Figo’s app gives you 24/7 live access to a vet, and it reminds you of upcoming appointments, vaccinations, and more.
While those features are incredible, they’re worthless if Figo isn’t financially stable and able to pay out its claims as promised.
Fortunately, Figo gets the seal of approval from credit rating agencies. Underwritten by Independence American Insurance Company, Figo has an “A-” rating from A.M. Best, meaning it’s in great financial standing.
Figo is also BBB-accredited, with a “B+” rating.
Figo Pet Insurance Plan Options
Figo offers one type of coverage: comprehensive accident and illness protection. While there is only one type of coverage, there are different levels of coverage to choose from.
Figo pet insurance levels of coverage:
- Essential: $5,000 maximum annual benefits
- Preferred: $10,000 maximum annual benefits
- Ultimate: Unlimited annual benefits
The Preferred plan is Figo’s most popular option as it comes with more reasonable rates than Ultimate coverage and higher annual benefits than the Essential plan.
There is no per-incident cap on plan benefits, nor is there an upper age limit for coverage, regardless of the level of coverage you choose.
Let’s take a closer look at what each of these policies include and exclude from coverage.
- Accident-only dental care: Non-routine dental treatment
- Behavioral care: Pertains to medication for behavioral issues, with optional additional coverage for exam costs
- Cancer care: Coverage includes groundbreaking new cancer treatments
- Chronic conditions: Includes treatment for ongoing long-term conditions
- Congenital & hereditary conditions: Covers conditions that are inherited or present from birth.
- Emergency care: 24-hour care at any licensed animal hospital
- Euthenasia and cremation: Pays for vet-mandated euthenasia and cremation costs
- Hip dysplasia: Unrestricted coverage for this condition
- Homeopathic care: Includes chiropractics and acupuncture
- Hospitalization: Observation or treatment for a covered condition
- Imaging: CAT scans, MRIs, X-rays, and ultrasounds
- Knee conditions: Covered after the 6-month waiting period is up
- Orthotic devices & prosthetics: Devices related to illness, injury, or resulting surgery
- Prescriptions: Medications for covered illness or injury
- Rehabilitative treatments: Optional additional coverage available for rehab
- Surgery: Applies to medically necessary operations for covered conditions
- Testing: Includes all medically essential lab work and diagnostics
- Vet exam fees: Optional additional coverage available for exam costs
- Vet/specialist treatments: Covered with no referral needed
What’s Not Covered
The list of conditions covered by Figo is far longer than the list of exclusions, which includes:
- Breeding, pregnancy, or birthing
- Cosmetic procedures
- Experimental treatments
- Pre-existing conditions
- Wellness care
Figo Pet Insurance Waiting Period
Coverage for some of the conditions above takes effect after a waiting period, which begins on day one of the policy.
Here’s an overview of those conditions and how long the waiting period is for each:
3 days: Accidents
14 days: Illnesses
6 months: Knee Conditions
- Cardiovascular Defect
- Cruciate ligament injuries
- Elbow Dysplasia
- Hip Dysplasia
- Luxating Patellas
- Osteochondritis Dissecans
- Portosystemic Shunts
Figo Pet Insurance Quotes
Figo pet insurance premiums are based on your pet’s species, breed, age, and gender.
Your location is also factored into calculating premiums because medical care is more costly in some areas than others, namely in metropolitan cities.
Last, your rates are based on the level of coverage you choose and the amount of reimbursement you opt for, which usually ranges from 70 to 90%.
Figo Pet Insurance Quotes for a Dog
The sample rates below are for a 3-year-old female Yorkshire terrier in South Carolina.
With an 80% reimbursement and a $250 deductible, here’s what coverage would cost:
- Essential: $22.21/month ($5k annual cap)
- Preferred: $24.74/month ($10k annual cap)
- Ultimate: $25.69/month (no annual cap)
If you’re willing to take on at least a $500 deductible, you could get 100% reimbursement with the Preferred Plan, up to $10,000 annually.
Figo Pet Insurance Quotes for a Cat
The sample rates below are for a 3-year-old female mixed breed cat.
With an 80% reimbursement, and a $250 deductible, here’s what coverage would cost:
- Essential: $12.22/month ($5k annual cap)
- Preferred: $13.66/month ($10k annual cap)
- Ultimate: $14.13/month (no annual cap)
Pros and Cons
Take a look at the biggest advantages and disadvantages of Figo pet insurance.
- Excellent App: Figo has the best app by far, with stellar features to help pet owners manage their plans and care for their pets.
- Quick Claims Processing: Most qualifying claims are approved and paid out in 5-7 days, quicker than average thanks to Figo’s app and cloud-based approach.
- Annual Deductibles: Figo works on an annual deductible system rather than a per incident structure, and you can save by paying annually.
- Inclusive Underwriting: Older pets and those with some conditions often denied by other carriers are able to get covered with Figo.
- Waiting Periods: Figo enforces lengthy waiting periods for some conditions. Be sure to understand the terms of the policy before signing off on it.
- Wellness Coverage: Figo currently does not offer a wellness plan, which means you’re responsible for the cost of routine care.
- Knee Injuries: If one knee is injured in the waiting period, the other will not be covered until the injured knee has been healed for one year.
Alternatives to Figo Pet Insurance
Before you enroll in a Figo pet insurance plan, it’s important to go comparison shopping.
Take the time to research multiple pet insurance companies so you can make an informed decision and pick the right provider.
Here are a few more great pet insurance companies you may want to explore:
Is Figo Pet Insurance for You?
Figo helps to create a better life for your pet in and outside of the vet’s office.
Whatever your budget is, you’re bound to be able to find a policy that fits it with Figo’s flexible reimbursements, deductibles, and annual limits.
With comprehensive coverage, competitive prices, and an app that can’t be beaten, Figo insurance is a smart choice for protecting your pet.
Take a few moments today to compare quotes from Figo and other highly-rated providers to see what rates your pet is eligible for.
Figo Pet Insurance
- A.M. Best: A-
- BBB: B+