Finding the best pet insurance plan for your pet is more complicated than you would think. Plans come in as many shapes and sizes as pets do. The first step is to identify what you want the plan to cover, considering the age, breed and pre-existing conditions of your ‘fur baby.’ With that information, you want to start exploring pet insurance companies.
Figo Pet Insurance is one of the companies that should be on your list if you have a dog or cat. Its approach to insurance is unique: its founders say it combines their love of their pets, passion for technology and expertise in insurance.
Key Facts About Figo:
- On average, company reports that plans cost less than $1.50 per day (or $45 per month)
- "Preferred" is the most popular plan selected, $14,000 of Annual Veterinary Benefits
- Deductibles are customizable from $50 to $500
- 14-day waiting period for illnesses
- 5-day waiting period for accidents
- 30-day money back guarantee offered
Figo is cloud-based and lets you manage all aspects of your pet’s life in one place: “in the (pet) cloud.” Figo emerged in 2013 from the Google Tech Hub Network in Chicago and today is a national pet insurance company. The Figo cloud is where you communicate with the company, handle claims submissions, get shots and vaccination reminders, access earlier vet invoices and records, and so much more.
Its insurance plans have many of the typical exclusions found throughout the industry (pre-existing conditions, routine or preventive care (ex. vaccinations and shots), spaying or neutering, experimental treatment, breeding-related, cloning, cosmetic surgery, and others). However, they do cover a very broad range of the illnesses and injuries you might face with a beloved pet.
Best of all, you are not limited in where you can go for care: any licensed emergency hospital, veterinary practice, or specialist in the U.S., Canada, and Puerto Rico is covered. With your plan in place, you take your pet to your choice of vet, submit your bills to the cloud, and receive your agreed reimbursement in your designated direct-deposit account. Some insurers make the process far more complicated.
Figo offers three plans: Essential, Preferred, and Ultimate.
This plan provides $10,000 of Annual Veterinary Benefits, which include Veterinary Exam for Injury or Illness (optional), Emergency and Hospitalization; Surgeries (ex. ACL surgery); Prescription Medications; Advanced Cancer Treatments; Veterinary Specialist Treatments; Chronic Conditions; X-rays, MRIs, Cat Scans, and Ultrasounds; Diagnostic Testing; Knee Conditions; Hip Dysplasia; Rehabilitation; Hereditary and Congenital Conditions; Non-Routine Dental; Holistic and Alternative Therapies; Prosthetic and Orthotic Devices; Waivers of Co-Pay and Deductibles for Emergency and Life-Saving Treatment; Euthanasia; and Behavioral Problems.
Preferred (the most popular plan)
This plan provides $14,000 of Annual Veterinary Benefits (as defined above), plus Emergency Boarding Fees; Lost Pet Advertising and Reward; and Lost Pet Due to Theft or Straying.
This plan provides unlimited Annual Veterinary Benefits (as defined above), add-ons in the Preferred plan, plus Emergency Vacation Cancellation and Death from Covered Illness or Injury.
The Important Details (ex. Costs, Deductibles, Waiting Periods)
Vet Exams: Figo will accept an annual exam by a licensed vet done in the past 12 months. In the absence of one, the first exam done under your plan will establish the pre-existing conditions excluded from your coverage.
Co-Pays and Reimbursement: A co-pay is the part of the bill you pay, and the reimbursement is the part Figo pays. Figo offers plans with reimbursements of 70, 80, 90, and 100 percent.
Deductibles: Where some insurance providers charge a deductible for each illness or injury you claim, Figo offers one deductible for the entire year. You decide on a deductible from $50 to $500.
Waiting Periods: To avoid abuses, Figo has a standard 14-day waiting period for illnesses, but just a 5-day waiting period for accidents.
Renewals: Policies renew automatically, with notification of any price increase sent 30 days before the end of your policy. Increases are triggered by normal increases in vet costs and your pet’s higher age, not by any claims you submitted.
Pricing: Pricing depends on so many factors (plan, co-pay, deductible, etc.) that getting a specific quote is important. However, Figo states that its plans average less than $1.50 per day. We conducted a sample pricing analysis on May 27th, 2018, see below:
- $35.27 per month for an Atlanta, Georgia based 2-year-old male Beagle with 80% reimbursement, $200 deductible, and $14,000 in annual benefits
- $18.70 per month for a Los Angeles, California based 5-year-old female mixed breed cat with 70% reimbursement, $500 deductible, and $14,000 in annual benefits
Cancellation: To cancel a Figo policy you need to email the company at support@FigoPetInsurance.com or call via telephone at (844)738-3446. Figo does offer a full refund of the premium amount paid for policies cancelled within 30-days.
What We Liked Most
Figo is very transparent regarding what it covers and what it doesn’t. With many pet insurers, you have to dig through the website to know for sure, sometimes with no luck. Figo even provides sample policies. Also, it pays claims based on actual vet bills, whereas some plans pay against a benefits schedule, which may not cover the costs where you live.
Using Figo is easy: you email everything to an email address assigned to you, and it’s available for reminders, claims, or anything else you need. Its Customer Service is accessible Monday through Saturday by phone, text, chat, email, or tweet.
Figo policies are underwritten by Markel American Insurance Company, a company that is rated A (Excellent) by A.M. Best.
What You May Not Like
Figo does not offer any wellness programs, which might be important to you. You cannot get an idea of plan pricing without requesting a specific quote. Also, it does not have 24/7 Customer Service.