Key takeaways
- Figo offers low rates and high customization power that allows pet owners to adjust reimbursement levels and deductibles to fit a budget.
- The policy provides a solid base of benefits.
- There’s a 15% discount for Costco members.
Our expert take on Figo pet insurance
Summary
Base-plan generosity
Figo provides a decent base of pet insurance benefits, including coverage for dental illnesses. Plus, Figo covers curable pre-existing conditions after a year (if the pet has not had treatment or symptoms) and it doesn’t have exclusions for orthopedic conditions that can occur on both sides of the body (known as a bilateral exclusion).
But there are add-ons for coverage for vet-exam fees and a “holistic and alternative & behavioral problems” rider if you want coverage for treatments such as chiropractic care and magnet therapy. This rider also adds coverage for vet consultations to diagnose and treat behavioral problems (up to $500 annually).
Customization power
Figo pet insurance has superb customization power thanks to its range of annual coverage, deductibles and reimbursement options. You can adjust levels to arrive at the right monthly cost for you.
Price-shock protection for claims
Figo has some protection from claims, but not as much as top competitors. It does offer a low $100 deductible option, and there are no condition-specific caps for claims that could pop up.
But, if you make a claim, Figo first applies co-insurance and then the deductible—a system we don’t prefer, as it results in lower claim payments to pet owners than a “deductible-first” calculation. And Figo doesn’t have a system for paying veterinarians directly.
Premium stability
Our analysis showed Figo has very good pet insurance cost stability. Importantly, Figo won’t raise your rates because you make claims, which also helps keep premiums in check.
There’s a pet insurance cost spread between puppies and older dogs of $66 a month for unlimited coverage, compared to the national average of $69.
Cost
Figo has excellent pet insurance rates for its unlimited annual coverage. It has slightly below-average rates for its $5,000 in coverage option.
Costco members should make sure to get the 15% discount.
Other notable features
- There’s a 100% reimbursement option.
- You can add a per-incident copayment to lower your monthly cost. This will be in addition to the regular reimbursement percentages.
- Note the diminishing-deductible feature, which can pay off if you have a healthy pet: For each year you don’t make a claim, the policy deductible will go down by $50 at renewal time until you have a $0 deductible.
- The 6-month waiting period for orthopedic coverage can be waived with a vet exam.
- If your pet has a life-threatening injury and needs immediate care, Figo will waive the deductible, co-insurance and per-incident copay (if you added one).
What does Figo pet insurance cover?
Figo covers medically necessary diagnostics and treatments for pet accidents and illness, including:
- Dental-accident treatments, including endodontic treatments like root canals and crowns for injured teeth
- Dental illness, but with a strict requirement: You must follow your veterinarian’s advice regarding dental care, including an annual dental exam and any recommended routine teeth cleaning
- Diagnostics such as X-rays, ultrasounds, CT scans and lab tests
- Emergency ground pet-ambulance transportation
- Euthanasia when necessary for humane reasons
- Holistic and alternative treatments, including behavioral treatment, when performed by a veterinarian.
- Medical supplies deemed medically necessary, such as Elizabethan collars (the “cone of shame”)
- Prescription medications used to treat an accident or illness
- Surgery and hospitalization, including post-procedure in-hospital care
Curable pre-existing conditions
Notably, Figo covers curable conditions after you buy a policy if your pet meets eligibility rules. If your pet had a pre-existing condition that is now completely cured, with no treatments or symptoms for 12 consecutive months, it will no longer be considered pre-existing and will be eligible for coverage if it recurs. (This does not apply to ligament and knee conditions.)
Figo’s pet insurance riders at extra cost
- Alternative-care rider covers holistic and alternative treatments and also vet consultations to diagnose and treat behavioral problems.
- Rehabilitation and physical-therapy rider covers physical therapy, hydrotherapy, thermotherapy, and therapeutic massage
- Final-respects rider covers disposal of a pet’s remains.
Figo did not respond to our request for information on how to add the alternative-care, rehabilitation and final-respects riders when getting online quotes.
Vet-exam fees. You have to add a rider if you want coverage for vet-exam fees. Oddly, the vet-exam-fee rider also includes coverage for prescription food.
Wellness and Preventive Care rider helps pay for wellness exams, vaccines, tests, microchipping/health certificates and deworming, and spaying/neutering or teeth cleaning, with caps for each service. The overall maximum annual benefits are:
- Tier 1: $90
- Tier 2: $135
- Tier 3: $170
- Tier 4: $250
- Tier 5: $345
- Tier 6: $505
What isn’t covered by Figo?
Like other pet insurance companies, Figo generally doesn’t cover pre-existing conditions, which are conditions the pet had signs of before coverage or during the waiting period—with the exception of curable conditions after 12 months. Figo pet insurance doesn’t cover:
- Administrative fees from the veterinarian
- Boarding unless as a part of medically necessary treatment
- Breeding, pregnancy, whelping and queening costs (but complications from breeding/pregnancy are covered if the breeding occurs after the 14-day waiting period)
- Commercial use activities such as racing, law enforcement and guarding
- Cosmetic, aesthetic and elective surgeries, such as ear cropping, tail docking and declawing
- Grooming
- House calls, unless certified as an emergency
- Illnesses when a vaccine is available, your veterinarian recommended it and you rejected it
- Natural supplements, vitamins and foods, whether prescribed or not
- Obedience or training classes
- Preventive and cosmetic dental care
- Repetitive activities after three separate but similar incidents, such as swallowing foreign bodies
- Treatment costs after ignoring a veterinarian’s advice
- Treatments for preventable parasites, such as fleas, ticks, heartworms, roundworms and tapeworms, where a preventive medication exists
How much does Figo pet insurance cost?
Figo has average rates for $5,000 in annual coverage for dogs, low rates for cats and good rates for unlimited coverage for both species, making it worth a look if you’re in the market for affordable pet insurance that has some valuable features.
Dog insurance rates for $5,000 in annual coverage
Cat insurance rates for $5,000 in annual coverage
Dog insurance rates for unlimited annual coverage
Cat insurance rates for unlimited annual coverage
Figo pet insurance discounts
Figo offers a 5% discount when you insure multiple pets. Costco members get a 15% discount.
Methodology
We evaluated 16 pet insurance policies based on:
- Base-plan generosity (50%). The most important factor in a pet insurance policy is how much coverage you’re getting for your money. For this category, we looked at coverage included without add-ons, such as alternative therapies, vet-exam fees, dental illness, burial and cremation, and more. We also factored in whether curable pre-existing conditions are covered after a certain period.
- Cost (20%). We factored in average costs for plans with $5,000 and unlimited annual coverage for cats and dogs ages 4 months, 2 years and 8 years.
- Price-shock protection for claims (15%). No one wants an unpleasant surprise with a claim. For this category, we analyzed how claims payments are calculated, low-deductible options, condition-specific payment caps and direct-vet-payment systems.
- Premium stability (10%). When you find good pet insurance, you want to avoid being priced out of it in the future. We looked at the current cost spread between puppies and older dogs and whether making a claim can lead to a rate increase.
- Customization power (5%). It’s beneficial to have some control over your monthly premium. We looked at the range of annual coverage and reimbursement and deductible options available from each pet insurance company.
We use a curved-rating system: Scores are assigned relative to the top-performing product or company; providers that score the most points are assigned 5 stars, and other star ratings are assigned based on performance relative to the top performer. The lowest-scoring companies received 1 star.
