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Tuesday, February 18th
Figo is a pet insurance company that started in Chicago in 2013. They cover dogs and cats of at least 8 weeks old with no upper age limit. You can use any licensed vet worldwide. Figo offers different options for deductibles ($100 to $1,000), reimbursement rates (70% to 100%), and annual coverage limits ($5,000, $10,000, or unlimited). Their policies are backed by Independence American Insurance.
$95.92/month for our example dog
Figo doesn't offer an estimate for the average cost of their pet insurance, but our research indicates it's around $60 a month for dogs and $26 a month for cats. For our example dog Magnus, an 8-year-old large mixed breed in Illinois, we received a quote of $95.92/month from Figo with a $5,000 annual limit, $500 deductible, and 80% reimbursement. Here's what's covered:
Wellness plan with per-expense limits
The plan doesn't include routine care or exam fees, which you can add for extra cost - $9.50 to $16.50/month for the Wellness plan, and $19.58/month for the Exam Fees plan. One customer writes that although they purchased the Wellness plan, they find the per-expense annual limits make the plan less useful. For example, the $30 allotment towards vaccines might not cover all the vaccines your pet needs, leaving you to pay out of pocket for the remainder. Meanwhile, the $40 allotment for spaying, neutering, and dental cleanings that you pay towards annually may sit mostly unused, as spaying and neutering are one-time procedures.
Parasites not covered
Figo has some uncommon exclusions, such as cloned pets or cloning procedures, and most parasites (preventable or not). They have a one-day waiting period for accidents, which is shorter than some of their competitors. For illnesses, there's a standard 14-day waiting period, and a 6-month waiting period for orthopedic conditions (which can be waived under certain conditions). Regarding medical history, Figo doesn't require a veterinary exam to enroll. However, they do ask for medical records showing your pet's annual health exam within the 12 months prior to the policy's effective date (which could mean fewer surprises about conditions not covered when it comes time to file a claim). If these aren't available, the first documented exam after the policy starts may be used to determine pre-existing conditions.
2-3 day claims processing
To file a claim with Figo, they'll need your pet's medical records, a list of all the vets they've seen, and your paid invoice. You can upload these through the app or submit them via email, fax, or paper mail. They say that on average, it takes about 2.6 business days for claims to be processed. Speedy!
They won't increase your premiums based on claims, but they'll still go up
Your premiums with Figo will go up over time. This is mainly because of two things: vet care costs more as time goes on, and your pet gets older. As pets age, they're more likely to have health issues, which usually means higher premiums. Figo, like other pet insurance companies, changes rates to keep up with these rising costs. They say your premiums won't go up just because you file claims, but some customers have seen enormous price increases. For example, one customer said their beagle's policy started at about $600 a year in 2018, but by 2024 it had jumped to $1,600 - that's a 166% increase. This happened even though their dog was healthy and rarely used more than the deductible. These experiences have made some customers wonder if pricing that doesn't take claims into consideration is actually a draw if it penalizes people with well-cared-for pets who don't use the insurance much.
More good experiences than bad according to reviews
Figo has a 4-star average rating on Trustpilot from 2,000 reviews. In general, customers are happy with Figo. One customer recounted how, due to a mistake by the veterinarian on paperwork, her claim for a torn ACL was denied. After an appeal, Figo was willing to approve the claim and honor the policy, which not every company is known to do. On the other hand, some customers have had issues with premiums increasing without proper notification and difficulty navigating the website. Figo has a "B” grade from the Better Business Bureau for 56 complaints filed against them.
No major red flags
Figo is a good option if you need to enroll an older pet, want fast claims processing (thanks to their AI assistance), may need to use your coverage internationally, or want a 100% reimbursement option. They also don't cap claim payments by the type of condition (except on Wellness plans). Plus, they give you free online access to a vet for questions. Other companies point out that Figo charges extra for things that some other insurers include. You have to pay more to cover vet exam fees, pet boarding, and behavioral therapy. Also, you have to wait six months before Figo will cover some bone and joint problems, which is longer than some other insurers. You'll need to weigh these pros and cons against your individual situation, but overall, we think Figo is a decent choice.
If you're a pet owner, chances are you've thought about how to care for your furry friend in the event of an emergency. Veterinary bills can add up quickly, especially if your pet needs surgery or treatment for a chronic illness. Pet insurance can help cover these unexpected costs, making it easier to provide the best care for your pet without breaking the bank.
From puppies prone to accidents to older cats with ongoing health needs, pet insurance can be a valuable tool to help you manage costs while giving your pet the treatment they deserve.Pet insurance comes in a few different types, which vary based on the coverage they offer. For instance, some plans only cover accidents, such as a broken leg from a fall, while others offer more comprehensive coverage that includes illnesses, wellness checkups, and vaccinations.
Basic accident-only plans tend to be more affordable, but they won't help if your pet develops a long-term health condition. Comprehensive plans may include preventive care as well, though they often come with higher monthly premiums. Other policies cover hereditary or congenital conditions, which can be particularly important if your pet is a breed known for specific health issues.
The cost of pet insurance depends on factors like your pet's age, breed, and health history, as well as the type of coverage you choose. Monthly premiums can range from under $10 to over $100, so understanding the differences among plans can save you money in the long run. Additionally, different insurance companies have various reimbursement models and payout limits. Some plans reimburse a percentage of each vet bill, while others have annual limits, meaning you'll want to consider how much you're likely to spend on your pet's healthcare each year.
It's important to choose the right pet insurance plan the first time. If you decide to switch to another provider later, any health issues your pet has developed in the meantime will be considered pre-existing conditions by the new provider and not covered. You should also be aware that "upgrading” to a better policy from the same provider can technically be considered canceling your old policy, meaning the conditions your pet is currently covered for may become considered pre-existing.
Here are some key factors to keep in mind when shopping for pet insurance:
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