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      September 23, 2018

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Figo vs Pet Premium

Best Pet Insurance

To help you find the Best Pet Insurance, TopConsumerReviews.com provides you with an in-depth comparison of Figo and Pet Premium.

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Who has the Best Pet Insurance? Medical care is rarely cheap - and the same goes for our four-legged friends. While pet owners are grateful for advances in technology and medicine that make it possible to keep their "fur kids" healthy, these procedures and prescriptions often come with a hefty price tag.

Without pet insurance, a simple blood test can cost well over $200. Even a standard yearly checkup can set you back by hundreds of dollars. How's your wallet feeling now? Chances are, you would do almost anything to take care of your beloved pet - but you might find yourself having to make difficult choices, especially if your dog or cat experiences a traumatic injury or life-threatening illness.

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Best Reviews

2018

Pet Insurance Reviews

4 stars
Figo

FIGO Visit Site

Cost:

Plans starting at $5.04 for kittens and $9.28 for puppies

Unlimited annual coverage available

100% reimbursement available

One-time admin fee of $9

Figo wants to revolutionize the pet insurance industry. As the creator of the first cloud-based approach to pet policies, they've made it easier than ever to keep your pet healthy and happy - and to submit claims for fast payment.

Figo is the only company in our review that offers plans with 100% reimbursement on qualified claims. Combine that with an unlimited annual coverage plan and your pet could be extremely well-covered in the event of a life-threatening accident or disease. Although some customers reported that claims processing had slowed down in recent months, Figo has been quick to respond, apologize, and reassure policyholders that they've gotten it worked out. The most recent customer comments we found confirmed that: claims are being processed and paid in less than a week.

Some pet insurance companies include reimbursement for veterinary exam fees, and others do not. Figo splits it down the middle: if you'd like that coverage for accident and illness visits, you can opt in for an extra premium each month. On a puppy policy, for example, you'd pay less than $2 per month for that additional coverage.

At the bottom of the main quote page, we also saw that Figo wants you to contact them if you adopted from a shelter or rescue, if you're a veterinary student or staff at a veterinary practice. Why? To give you an additional discount! You'll also save 5% if you pay for a full year of coverage in advance, rather than month-to-month. All plans have a $9 administrative fee for starting the policy.

Figo's premiums are very affordable. Using our own furry friend, a 7-year-old male Boston mix, we'd pay $13.18 for a policy with a limit of $10,000 in annual benefits, reimbursement at 70%, and a deductible of $1000. Veterinary exam fee coverage would be an extra $2.64 per month with that plan. On the higher end, we could cover him with a policy offering unlimited annual benefits, 100% reimbursement, and an annual deductible of $200 for just $52.41/month. That premium is an amazing rate, given that most competitor plans at those levels cost twice as much, if not more. Even adding the veterinary exam fee coverage, we'd still pay less than $65 per month.

Once you've entered your information, Figo makes it very simple to see what you can expect in terms of waiting periods. Just look on the right side of the page. Your pet will need to have been seen by a vet in the last 12 months, because Figo requires you to submit those records to process any claims. But, if your pet hasn't had an exam in the last year, you can still sign up for the policy and take him or her to the vet during the mandatory 14-day waiting period. If knee coverage is important to you, you can waive the 6-month waiting period if your pet has a clear exam within 30 days of your policy start.

We did find one feature disappointing – when it comes to reimbursements, Figo utilizes a "copay then deductible" model. This actually costs you a little more out-of-pocket for each claim than other pet insurance companies who follow a different model.

Unfortunately, if you're looking for routine/wellness coverage, you won't find it at Figo. These plans can typically save you between 10-20% a year on regular pet exams, office visits, and other costs to maintain the health of your pet. We're not sure if Figo has plans to introduce this in the future, but as of this review they don't offer any plan with this option.

Although every pet insurance company receives its share of complaints regarding denied claims due to pre-existing conditions or premium increases, Figo gets fewer of those than their competitors. It was much easier to find happy customers than unsatisfied ones.

Figo has excellent, affordable coverage options, straightforward pricing, and a cloud-based way to manage your pet's health. This "A" rated, BBB accredited company should be on your short list when it comes to your pet's accident and illness pet insurance plan.

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3.5 stars
Pet Premium

PET PREMIUM Visit Site

Cost:

Plans starting at $8.46 for Accident-Only coverage

Plans starting at $9.91 for Total coverage

Pet Premium wants to be your top resource for pet protection, from insurance to helpful articles, and even to help you find your next furry mascot.

When it comes to pet insurance, Pet Premium has some pros and cons. For example, you're free to use any licensed veterinarian you like, but be aware that Pet Premium reimburses you based on a specified incident limit for the condition being treated, not for what you actually paid. In other words, if you have a world-renowned vet who charges more for her expertise, you probably won't be reimbursed for as much of the bill. That's not nearly as customer-friendly as pet insurance providers that pay out based on actual costs.

You'll choose between two types of coverage: Accident-Only and Total Coverage. Once you know which kind you want, you'll then be able to further customize your premiums according to the deductible, reimbursement level, and annual coverage limit. For our dog, a 7-year-old, mixed breed male, we were quoted $27.93/month for a plan that reimbursed 70% of each claim, with a deductible of $500 and an annual coverage limit of $2500. On the opposite end of the spectrum, we'd pay $104.02/month for a plan with no coverage limits, a $100 deductible, and a reimbursement level of 90%.

If you have a kitten or a puppy, you can expect to pay much less. We entered information for a 6-month-old kitten at the highest deductible, lowest coverage limit, and lowest reimbursement level and were quoted less than $10/month for the Total coverage plan.

One plus with this provider: Pet Premium's deductibles are annual, not per visit or per condition.

Unlike some pet insurance policies, Pet Premium's come with add-on coverage for preventative/wellness care. Your cost depends on your pet's details, but you can expect to find Basic, Standard and Prime options; for our dog, we would spend anywhere from $9.95 to $24.95 per month for that additional service. Depending on what your pet actually needs during a year (a health certificate? Urinalysis? Deworming?), the extra premiums may not be worth what you get, so check the details carefully.

How does Pet Premium's reputation compare with insurance providers with a longer history? Overall, you could say that it's "so far, so good". Even though they've only been in business since 2013, Pet Premium is accredited with the Better Business Bureau and had an "A+" rating at the time of our review. There are also hundreds of reviews on the Pet Premium site with ratings of 4- and 5-stars; it's worth noting, though, that most of those seem to be collected before the customers have had a reason to use their pet insurance plan.

We look forward to getting more feedback from Pet Premium clients in the future, to better establish how well the provider does on paying on claims, not just having an easy process for becoming a policyholder. Until then, they stay in the middle of the pack among pet insurance companies.

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Continued from above

Just like their owners, pets can be protected with pet insurance plans that help ease the financial strain of medical care. Pet insurance has become very popular in the last few years, with dozens of companies offering to help you keep your pet healthy for a long time. But, every pet insurance plan is different with respect to deductibles and fees, covered services, and claims processing.

As you decide which pet insurance company is the best fit for you and your pet, keep in mind the following criteria:

  • Cost. What will you pay for your coverage? Is there a deductible, and is it annual or per incident? Will you pay any enrollment fees?
  • Coverage. What services and procedures are covered in the plan you have selected? Does it cover preventative measures like annual checkups? Are there any noteworthy exclusions? Does the company offer a variety of plans to meet your needs?
  • Reputation. Is the pet insurance provider rated by the Better Business Bureau? What do other customers say about their experience? Are claims paid quickly, or do you have to jump through a lot of hoops to file paperwork? Do many claims get denied? Are the company's customer service representatives knowledgeable and friendly?

TopConsumerReviews.com has reviewed and ranked the best Pet Insurance companies available today. We hope this information helps you find the best pet insurance plan for you and your animal companion!

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