Figo Pet Insurance Review 2024

Offering coverage comparable to other top-rated pet insurance companies for a more affordable price, Figo has established itself as one of the leaders among those providers that take a tech-first approach.

Figo Pet Insurance Overview

Born out of a startup hub in Chicago, Figo Pet Insurance has been around since 2012. The insurer provides policies for cats and dogs in all 50 states and offers reimbursement for treatments charged by any licensed veterinarian in the United States, Canada, or Puerto Rico.

What makes Figo really stand out from the competition is its tech-first approach to client service. Not only does this insurance carrier use state-of-the-art software to process customer requests such as quotes, applications, and claims, but also it offers Pet Cloud – the industry’s most comprehensive online platform and mobile app.

With Figo Pet Cloud software, you can keep all of your four-legged companion’s data in one place and access it whenever and wherever you want, without wasting any time filling out paper forms. Figo’s platform also allows you to submit claims, view past vet invoices, track reminders for shots, explore nearby pet-friendly places, and even search for pet-related services such as daycare and dog walkers.

Moreover, the Pet Cloud app comes with the live vet feature, which guarantees round-the-clock access to a licensed veterinary professional. Included with all policies, this feature gives you peace of mind in knowing that the answers to all of your pet-related questions are just a few clicks away.

Figo takes great pride in its deep roots in the world of tech innovation. However, the company also makes itself available to customers through a variety of additional methods such as phone, text, email, and even social media.

Although Figo administers all its own policies, the carrier collaborates with three third-party underwriters: Independence American Insurance Company, Markel Insurance Company, and Markel American Insurance Company.

While the fact that Figo uses three different underwriting companies doesn’t make much difference when it comes to the claims procedure or day-to-day client experience, it’s still important to keep this in mind. Given that each policy gets its financial guarantee from its underwriter, as a prospective customer, you should check the company’s financial stability before applying for pet insurance.

Figo Coverage

Not only has Figo revolutionized the pet insurance industry with its technology-based approach, but it has also established itself as a go-to provider when it comes to flexible policy structures. The company provides annual deductibles as low as $100 going up to $1,500, along with reimbursement rates from 70% all the way to 100%.

Considering that the complete reimbursement option is very rare in the pet insurance industry, it’s safe to say that Figo offers an excellent deal. As far as annual policy limits go, there are three options to choose from: $5,000, $10,000, or the unlimited option.

The range of conditions covered is pretty standard. The carrier offers an accident-illness policy that covers all the basics such as chronic conditions, hereditary and congenital conditions, hip dysplasia, knee conditions, and surgery.

In addition, Figo also offers coverage for emergency services, hospitalization, veterinary exam fees (illness and injury only), cancer treatments, prescription medications, laboratory and diagnostic testing, non-routine dental (accident only), MRIs, ultrasounds, x-rays, cancer treatment, prosthetics, alternative and holistic therapies, euthanasia and cremation, and veterinary specialist treatments.

However, the list of conditions that are not covered by Figo is also quite long. Much like other pet insurance carriers, Figo won’t cover pre-existing conditions. These are defined as illnesses or accidents that occur or manifest prior to the policy’s start date or during the waiting period, no matter whether they’ve been treated or not.

The plan also excludes routine, wellness, and preventive care, spaying and neutering, breeding, cloning procedures, experimental procedures, cosmetic surgery, and coprophagia.

Is Your Pet Eligible?

As far as eligibility requirements go, any dog or cat that’s at least eight weeks old can get insurance. If you’re unsure about your pet’s exact age, you’ll be asked to make your best estimate using your pet’s medical records or shelter documentation. There are no upper-age limits.

However, when renewing a policy for a cat that is 10 years or older, or a dog that’s more than eight years old, you’ll be required to follow your vet’s advice regarding senior wellness testing.

Your pet doesn’t have to be spayed or neutered to get insured by this carrier. Figo will evaluate your application based on your pet’s age and breed, but the amount of coverage and monthly premiums won’t be affected by whether or not your pet is neutered/spayed. Still, keep in mind that this provider’s policy doesn’t cover spaying or neutering.

Figo Policy Plans

Figo’s policies come with very few customization possibilities. The carrier claims to offer three different plans, but coverage-wise there’s just one core plan packaged with tiered annual and lifetime maximum benefit limits. This may come as a disappointment to pet owners who’d like to have more control over their pet’s coverage.

Policies cover both illnesses and accidents. Figo doesn’t offer the option to add wellness coverage or to opt for a cheaper accident-only plan. You can customize your policy with a single optional rider – exam fees for vet visits related to illnesses or accidents can be included for a few dollars on top of the monthly premium.

In addition to the exam fee rider, another way to somewhat modify a plan is by adjusting coverage levels. You can set your annual deductible, decide on a reimbursement rate, and opt for one of the three annual limits. Note that certain types of medical care may come with their own limits.

Figo Policy Details

Here’s an overview of the key features you should be aware of when applying for an insurance policy:

• Underwriter: Independence American Insurance Company, Markel Insurance Company, and Markel American Insurance Company.
• The first vet exam after the policy’s start date will be used as a baseline.
• There are no per-incident limits on claims.
• Most claims are processed within five to seven business days; the quickest way to get reimbursed is through the Figo Pet Cloud app (with the help of Evie, Figo’s AI chat assistant), but you can also submit your claim by phone, fax, email, or snail mail.
• Direct deposit reimbursement is available.
• Waiting periods start at midnight on your policy effective date; there’s a three-day period for accidents, a 14-day waiting period for illnesses, and a six-month period for knee conditions.
• 30-day money-back guarantee: As long as you haven’t made a claim, you can change your mind and request a refund (minus administrative fees).
• Figo Pet Cloud: Provides cloud-based storage for all of your pet’s medical records, push notification reminders, 24/7 vet support, and the ability to connect with other pet owners in your area and locate nearby pet-friendly places.

Figo Pricing & Discounts

If you’ve ever shopped for pet medical insurance, you’ll know that the cost of coverage may vary based on your furry companion’s breed, age, and the state you live in. Moreover, the monthly charges will be affected depending on how much coverage you need, how big or small a deductible you can comfortably afford, and how high or low a reimbursement rate you decide on.

With premiums averaging about $1.50 per day for dogs and about $1 for cats, Figo is one of the more affordable options on the market. Not only does the provider let you customize your pet’s policy by choosing from a variety of deductible options ($100, $200, $250, $500, $750, $1,000, and $1,500), but it also offers a wide range of reimbursement rates (70%, 80%, 90% and 100%).

The deal is simple: The lower you go with reimbursement levels and the higher the deductible you select, the cheaper your premium will be.

Note that Figo is among the very few pet insurance providers that offers a 100% reimbursement rate. Also keep in mind that not all deductible and reimbursement options are available in every state and for every breed and age.

While most of its competitors offer per-condition deductibles that need to be met with every illness or injury your pet goes through before the policy kicks in, Figo uses a much more customer-friendly approach.

As far as discounts go, there is the option to enter a promo code while requesting a quote. However, unlike most other pet insurance carriers, Figo doesn’t offer a discount for annual payments.

Figo Customer Service

Another thing that places Figo among the most reliable pet insurers is its high level of customer support. No matter how you prefer to get assistance, this provider will do its best to make it happen. To report a problem, discuss an issue, or explore an additional service, you can get in touch with a support representative via phone, text message, chat, email, or social media.

Another excellent way to get help from Figo is through the carrier’s industry-leading smartphone app. Almost a standalone service in itself, Pet Cloud not only lets customers communicate with licensed vets, file claims, and connect with each other, but also offers lightning-fast customer service.

Customer Service Hours

Should you need support regarding a customer experience matter, you’ll be able to get in touch with Figo via phone number or any other means of communication Monday through Friday from 8 a.m. until 7 p.m. CT, from 8 a.m. to 6 p.m. on Saturdays, and between 11 a.m. and 3 p.m. on Sundays.

Claims advocacy support works somewhat different hours. Should you have a claim-related question, Figo’s support agents will be there to assist you Monday through Friday from 8:30 a.m. until 5:30 p.m. CT.

Bottom Line

Given that the affordability of pet insurance by Figo is the most commonly mentioned benefit of this carrier’s service, many pet parents can be tempted to jump on board right away. However, while it’s true that Figo’s plans can easily fit within almost anyone’s budget, it’s also important to be aware of some limitations that could ultimately lead to higher out-of pocket expenses.

Here’s an example: While Figo’s policy options look quite comprehensive at first glance, this provider sometimes restricts the type of treatment a pet can receive and doesn’t offer coverage for preventive vet care and several common ailments.

Unless you opt for the optional exam fee rider, you’ll need to pay for this service on your own. Depending on how frequently your pet needs to visit the vet, this could add up to hundreds or even thousands of dollars. Taking all of this into account, although Figo is certainly one of the best pet insurance providers when it comes to monthly costs, we suggest you do the math before making a decision to apply for coverage.

On the plus side, Figo’s tech-first approach, the convenience of the Pet Cloud app, the lack of an upper-age limit, and the quick-to-respond and highly capable customer support are well worth the monthly premium.