Figo Pet Insurance Review (2024)

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Figo Pet Insurance Review (1)

Investopedia’s Rating

4.7

Our Take

Figo provides solid pet insurance plans with varying coverage amounts so you can find a solution that works for you.

  • Pros & Cons
  • Key Takeaways
  • Company Key Facts

Pros & Cons

Pros

  • 24/7 virtual vet visits

  • 30-day money-back guarantee

  • Varied customer service options

Cons

  • Waiting periods for illness and orthopedic coverage

  • Exam fee coverage is optional

  • Only dogs and cats are eligible

Key Takeaways

  • The free Figo Pet Cloud makes managing your pet’s health fast and easy.
  • Unlimited annual benefits are available.
  • Preventative care coverage is available through a wellness add-on.

Company Key Facts

  • Year Founded2011
  • Kinds of PlansAccident/illness with add-ons
  • Number of Plans1
  • Payment Plan OptionsMonthly or annually
  • Customer ServicePhone, text, fax, email; (844) 738-3446
  • Company Websitefigopetinsurance.com/

Figo Pet Insurance Review (2)

overall rating

4.7

Table of Contents

Figo Pet Insurance Review

  • Pros Explained

  • Cons Explained

  • Introduction

  • Company Overview

  • Available Plans

  • Plan Exclusions

  • Plan Pricing

  • Claims

  • Customer Service

  • Alternative Choices

  • Competition

  • FAQs

  • Methodology

Pros Explained

  • 24/7 virtual vet visits: Gain live access to a veterinarian anytime, anywhere, at no additional charge.
  • 30-day money-back guarantee: Not happy with your service? If you don’t file a claim within 30 days, you can cancel your policy and get your money back.
  • Varied customer service options: You can connect with Figo’s customer support team via phone, email, text, or fax.

Cons Explained

  • Waiting periods for illness and orthopedic coverage: Waiting periods vary by state, but you may find a 14-day waiting period for illness coverage and a six-month waiting period for orthopedic coverage in dogs.
  • Exam fee coverage is optional: You need to pay for additional coverage if you want exam fees covered—exams that are often required when an illness or accident occurs.
  • Only dogs and cats are eligible: Unfortunately, only canines and felines are eligible for coverage through Figo. You’ll need to find different pet insurance for your bunnies, lizards, and other critters.

Introduction

Figo offers tiered pet insurance plans that each provide coverage for the same types of conditions. Reimbursement amounts start at $5,000, going as far as unlimited coverage for higher-level plans.

Figo Pet Insurance Review (3)

Company Overview

Figo launched in Chicago in 2011, and today makes it possible to enjoy a pet insurance policy that reimburses you for as much as 100% of eligible expenses once you meet your deductible. Figo’s goal is to empower you to make care-based decisions for your pet, not cost-based decisions.

You can get a custom quote for your pet in just 60 seconds after filling out a quick online form. Figo offers three flexible plans that provide illness and injury coverage, including an unlimited lifetime benefit plan and a wellness add-on. Plans only require one annual deductible, but you can pay monthly if you’d like. As a customer, you’ll gain access to the Figo Pet Cloud, an app that makes it easy to manage your pet’s health and insurance needs.

Available Plans

Three Flexible Options for Illness and Injury

Figo doesn’t offer different plans, but it allows you to choose how much coverage you want through one plan type. You can be reimbursed for up to $5,000 annually (Essential), $10,000 (Preferred), or for an unlimited amount (Ultimate). Figo reports that the Preferred level is the most popular. This flexible approach makes it possible to choose the right amount of coverage to meet your pet’s needs—and your budget.

Covered TreatmentIllness/Injury Plan
Live vet chat 24/7
Orthopedic conditions
Bilateral conditions
Genetic conditions
Imaging
Surgery
Rehabilitation/alternative care
Prescription medication
Behavioral problems
Prescription diets
SupplementsX
Non-routine dental

Available Riders/Add-Ons

An insurance rider is an optional add-on to an insurance policy that further enhances your coverage. Some riders are free of charge and others come at an additional cost. Figo offers a version of riders called Powerups that make it possible to add extra features to your coverage. These Powerups include:

  • Wellness: Preventative care coverage for things like annual exams, vaccines, spaying/neutering, and dental. This add-on is not available in all states.
  • Veterinary exam fees for accident and illness visits: You will receive coverage for exam or consultation fees that are associated with the diagnosis and treatment of your pet that surpasses preventative care.

Waiting Periods

Generally, when you enroll in a new pet insurance policy you will experience a waiting period that restricts initial coverage. Figo’s waiting periods vary by event:

  • Injuries caused by an accident: One-day waiting period
  • Illness: 14-day waiting period
  • Orthopedic conditions (applies only to dogs): Six-month waiting period

Cancellation Policy

Figo has a 30-day money-back guarantee. You can take some time to see if Figo works for you, and if you cancel within that 30-day period, you’ll get a full refund of your premium as long as you haven’t filed a claim up to that point. If you decide you want to cancel after the first 30 days, your eligibility for a refund will depend on the state you live in.

The one state exception to the 30-day free look period is Pennsylvania, as 30-day free look periods aren’t legally allowed.

To cancel your policy you can email support@figopetinsurance.com, or you can start the process over the phone at (844) 738-3446. Figo does require you to make your cancellation request in writing by email.

Plan Exclusions

The following medical issues and procedures aren’t covered by Figo:

  • Pre-existing conditions
  • Experimental procedures
  • Breeding, pregnancy, or giving birth
  • Cloned pets or cloning procedures
  • Cosmetic surgery
  • Most parasites

Pre-Existing Conditions

If a pet’s pre-existing condition is curable and has been cured, and the pet has not needed treatment or experienced symptoms for 12 months, the condition won’t be considered pre-existing anymore and will be covered, with the exception of ligament and knee conditions.

Figo does not require an exam in order to enroll in coverage, but it does request to see your pet’s annual health exam records from a licensed veterinarian 12 months prior to the effective date of your insurance policy. If you don’t provide these records, the first documented vet exam after your policy begins may be used to determine pre-existing conditions.

Plan Pricing

Pet insurance costs vary due to factors like age and breed, so you will need to get a custom quote to see what a policy will cost you. How large or small you want your deductible to be will also impact the cost of your premium (your deductible is the amount you will need to pay out of pocket before your insurance coverage kicks in).

Deductible amounts through Figo range from $100 to $1,500. When it comes to reimbursement you can choose a rate from 70% to 100%.

An enrollment fee will apply, and if you choose to pay monthly rather than annually you’ll also pay a monthly installment fee. Discounts are available as well, but they can vary by state; you may be eligible for discounts such as:

  • Multi-pet discount
  • Vet employee discount
  • Military veteran discount

Claims

Figo says it closes claims in an average of about two-and-a-half working days, so you can typically expect any claims to be handled quickly. It doesn’t cap claim payments by condition type, which makes it easier to get the most out of your annual benefits.

To file a claim you will first visit your vet (who must be licensed) and then upload your vet bill and paid invoice, which you can do from any device via Figo’s Pet Cloud. Next, you’ll have to ask your vet to send Figo your pet’s medical records, and once they receive those records (two years' worth is ideal) your claim will be complete. You can submit a claim via phone or fax as well.

Your claim will be processed within 30 days of receipt (but remember, Figo averages two and a half days). Submitting all the required documentation will make the process faster.

Customer Service

You can contact Figo for customer support in a variety of ways:

  • Phone: (844) 738-3446
  • Text: (844) 262-8133
  • Fax: (773) 966-0769
  • Email: support@figopetinsurance.com

Customer support is available during the following days and times (Central Time):

  • Monday to Friday (general support): 7 a.m. to 7 p.m.
  • Monday to Friday (claim-related support): 8 a.m. to 5:30 p.m.
  • Saturday: 8 a.m. to 6 p.m.
  • Sunday: 11 a.m. to 3 p.m. (text support only)

Third-Party Ratings

Will Figo Cover Vaccinations?

In our independent study of pet insurance customers, Figo customers gave the following positive feedback:

  • “My veterinarian’s recommendation really swung it in that direction.”
  • “They offered it, and it seemed like a reasonable investment to make.”
  • “Because I like the coverage for the cost.”

Figo’s main underwriter, Independence American Insurance Company (IAIC), has a solid A- rating from AM Best, enough for an “Excellent” categorization. This indicates that IAIC is financially strong and stable, with a solid track record of paying out claims.

Alternative Choices

When shopping around for a pet insurance policy it’s important to do your research. Try to find answers to the following questions about each provider you’re considering so you can get an idea of which one will be able to meet the needs of your pet and your budget.

  • How much is the coverage limit?
  • How much is the monthly premium?
  • How much is the deductible?
  • Is there a pet cutoff age (minimum/maximum)?
  • Are there any coverage exclusions?
  • Is there a wellness policy and what does it include?
  • Are dental cleanings or oral surgeries included?

Competition

FigoMetLifeEmbrace
Annual Deductible Options$100, $250, $500, $750, $1,000, $1,500$0 to $2,500$200, $300, $500, $750, $1,000
Reimbursement Percentage70%, 80%, 90%, 100%50%–100%70%, 80%, 90%
Average Claim Turnaround Time9–12 days10 days10–15 days
Illness Waiting Period14 days14 days14 days
Injury Waiting Period1 dayNo waiting period2 days
Exam CoverageAdd-OnYesYes
Dental Illness CoverageYesYesYes
Max Enrollment Age LimitNoneNone14 years

Final Verdict

Those looking for pet insurance to protect their furry friends will find that Figo offers solid, affordable coverage. With a single, comprehensive plan at varying coverage amounts to choose from (plus some optional riders), customers can personalize the insurance they need for their pet and their budget.

Frequently Asked Questions

Will Figo Pet Insurance Go Up Every Year?

Premiums for Figo pet insurance will increase every year. Older pets are more likely to incur high-cost claims, so the cost of insurance goes up with your pet's age. Premiums will also increase due to the rising cost of veterinary care. However, Figo states that premiums do not increase due to filing a claim.

Does Figo Pay Vets Directly?

Figo doesn't pay vets directly. After your pet has a medical expense, you will submit a claim to Figo for reimbursement. How much Figo covers depends on the policy you have chosen. Before being reimbursed, you must meet your policy's deductible.

How Long Is the Waiting Period for Figo Pet Insurance?

The waiting period for Figo insurance can vary depending on the state where you live. In some places, there may be a 14-day waiting period for illness coverage. You may also experience a six-month waiting period for orthopedic coverage in dogs. If your pet has an injury caused by an accident, however, the waiting period is only one day.

Will Figo Cover Vaccinations?

The main Figo insurance policy covers accidents and illness for pets. However, Figo offers an optional insurance rider known as the "Wellness Powerup." This add-on covers preventative care such as vaccinations and routine vet visits.

Is There Anything Figo Doesn't Cover?

Figo pet insurance does not cover pre-existing conditions, experimental procedures, cloned pets, cloning procedures, cosmetic surgery, most parasites, breeding, pregnancy, or giving birth.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of pet insurance companies. We rated 25 providers and collected over 2,000 data points, including information about plan options, company features, and fees and limits, to ensure that our reviews help users make informed decisions for their pet insurance needs.

Our full pet insurance methodology, including our data collection process and weighted data points, is available for review.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy.

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As a seasoned expert in the field of pet insurance, I bring a wealth of knowledge and experience to guide you through the intricacies of choosing the right coverage for your furry companions. My expertise is grounded in a comprehensive understanding of the pet insurance landscape, with a focus on evaluating and analyzing various plans and providers.

Now, let's delve into the concepts used in the article about Figo Pet Insurance:

1. Figo Pet Insurance Overview:

  • Year Founded (Key Fact): Figo was established in 2011 in Chicago, positioning itself as a provider of pet insurance policies.
  • Mission and Approach: Figo aims to empower pet owners to make care-based decisions for their pets rather than cost-based decisions. The company offers customizable plans and a user-friendly app, the Figo Pet Cloud, for managing pet health.

2. Available Plans:

  • Coverage Tiers: Figo offers three flexible plans covering illness and injury, with reimbursement amounts ranging from $5,000 to unlimited.
  • Plan Types: Figo provides a single plan type that allows pet owners to choose the coverage amount that suits their pet's needs and budget.

3. Riders/Add-Ons:

  • Powerups (Add-ons): Figo offers "Powerups," equivalent to insurance riders, allowing users to enhance their coverage. Notably, the Wellness Powerup provides preventative care coverage for items like annual exams and vaccinations.

4. Waiting Periods:

  • Variable Waiting Periods: Figo has waiting periods for different events, including a one-day waiting period for injuries caused by accidents, a 14-day waiting period for illnesses, and a six-month waiting period for orthopedic conditions in dogs.

5. Cancellation Policy:

  • 30-Day Money-Back Guarantee: Figo offers a 30-day money-back guarantee, allowing customers to cancel their policy and receive a full refund within the initial 30 days if they haven't filed a claim.

6. Plan Exclusions:

  • Exclusions: Figo does not cover pre-existing conditions, experimental procedures, breeding, pregnancy, cloning, cosmetic surgery, and certain parasites.

7. Plan Pricing:

  • Custom Quote: Pet insurance costs vary based on factors like age and breed. Figo provides custom quotes, with deductible options ranging from $100 to $1,500 and reimbursement rates from 70% to 100%.

8. Claims Processing:

  • Efficient Claims Handling: Figo claims to process claims in approximately two and a half working days on average, without capping claim payments by condition type.

9. Customer Service:

  • Varied Support Channels: Figo offers customer support through phone, text, fax, and email during specified hours, providing accessibility and flexibility to users.

10. Third-Party Ratings:

  • Financial Stability: Figo's main underwriter, Independence American Insurance Company (IAIC), holds an A- rating from AM Best, signifying financial strength and stability.

11. Alternative Choices and Competition:

  • Comparison: The article provides a comparative analysis of Figo with other pet insurance providers, including MetLife and Embrace, considering factors such as deductible options, reimbursement percentages, and claim turnaround times.

12. FAQs and Methodology:

  • User Inquiries: Frequently Asked Questions address common concerns about premium increases, direct vet payments, waiting periods, coverage limits, and exclusions.
  • Transparent Methodology: The article outlines the methodology used for evaluating and rating pet insurance providers, emphasizing unbiased and comprehensive reviews.

In conclusion, Figo stands out for its customizable plans, efficient claims processing, and innovative features such as the Figo Pet Cloud, making it a solid choice for pet owners seeking reliable and flexible coverage.

Figo Pet Insurance Review (2024)
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