Figo Pet Insurance Review

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.

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.

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. 

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. 

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

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.