Figo Pet Insurance Review
21 May, 2018
figo pet insurance

By: Lisa Fimberg

Figo, founded in 2012, is one of the newer pet insurance companies for dogs and cats.  Located in Chicago and a part of the Google Tech Hub Network, Figo might be more appealing to the more tech-savvy pet owners with its focus is on innovation and technology. Figos’ policies are underwritten by the Markel American Insurance Company and it has an A+ rating from the BBB.

Figo Quick Overview

Figo offers excellent overall coverage for the price. Their standard plan covers items that most high-level pet insurance plans don’t.  They also offer a 100 reimbursement option which is unique to the market but will subsequently carry a higher premium. There is an unlimited coverage option in their highest tier policy and they will waive payments if your dog or cat needs life-saving care.  Because Figo is relatively new, it does not have the depth of experience as the other providers in the market.

Let’s break it down for you to get a real feel of their excellent pet insurance policies:

CUSTOMER SATISFACTION RATING

What better way to know if an insurance company performs than from its customers.  Figo has an extremely strong customer satisfaction rating and for every negative review, Figo takes the time to respond to explain what happened and how to resolve the issue.

COVERAGE

Figo offers three plan levels and all of them provide substantial coverage for the price compared to most other companies. Figo’s least expensive plan covers normal accidents and illnesses, but also things like prescriptions, hip dysplasia, exam fees (non –routine), alternative treatments, prosthetics, mobility devices, and treatment for behavioral problems.

The two more expensive and expansive plans cover lost pet advertising and reward, and even trip cancellation coverage (if your pet gets sick)! Figo also has no exclusions for hereditary or congenital conditions, or pre-existing conditions if they have been cured for 12 months. Figo is the only company that waives the copay and deductible for lifesaving care.

Figo pays vet exam fees (generally around $50) when the exam is related to a covered accident or illness. This can be really helpful in reducing costs if you make multiple visits to your vet for the same issue such as an injured paw.

Figo will also cover hip dysplasia (as long as it is not a pre-condition) as well as ligament and knee conditions such as anterior cruciate ligament (ACL) conditions (after the typical 6-month waiting period).

Similar to most top-level insurance provides, you can go to any licensed veterinarian in the United States, including specialists and emergency hospitals.

Figo Paws coverage includes all of the following:

Medical Conditions Covered

Accidental

Illness

Hereditary

Congenital

Cancer

Chronic

Accidental Dental

Medical Treatments Covered

Diagnostic Testing

Surgery

Hospitalization

Prescription Medications

Emergency Care

Specialty Care

Alternative Care

Behavioral Therapy

Physical Therapy

Prosthetics & Mobility Aids

This is what Figo does not cover (and pretty typical among insurance plans)

Pre-existing conditions

Routine veterinary visits

Pre-existing cruciate ligament problems to one leg as respects the cost of future treatment for problems of the other leg.

Preventative care

Spaying and neutering

Preventive healthcare including vaccinations or titer test, flea control, heartworm medication, de-worming, nail trim, and grooming.

Parasite control including but not limited to internal and external parasites for which readily available prophylactic treatments are available.

Dental health care when it is routine, preventative dental, but will cover the cost if caused by accident or illness.

Figo does not offer an optional wellness plan.  The reason they don’t offer a wellness plan is that they want their policy holders to be reimbursed for the big expenses!  Wellness issues are generally not very expensive and easily payable out-of-pocket.

BENEFIT LIMITS

Unlike some of the other pet insurance providers, like Healthy Paws, Figo does not offer unlimited coverage for all of its plan levels. You can choose between $10,000, $14,000 and unlimited.  Figo does not operate on a benefit schedule.

The Essential plan covers $10,000 annual claims for accidents and illnesses.

The Preferred plan covers $14,000, along with emergency boarding fees, advertising for a lost pet (plus reward), and reimbursement for theft or straying.

The Ultimate plan has no annual claim limit, and it also covers the emergency boarding fee, lost pet advertising (plus reward), lost reimbursement, straying reimbursement, emergency vacation cancellation, and unexpected death reimbursement.

As with the higher benefit level comes the higher premium.  And with medical costs rising today, it might be a good idea to go for the highest benefit level so you know you will be truly covered for the unexpected.

DEDUCTIBLES

As with other top notch pet insurance providers, Figo allows you to customize your deductible with four choices: $50, $100, $200 and $500.  What’s unique about Figo is that they will waive your annual deductible if your dog or cat needs any life-saving care.

Figo only has an annual deduction and not per-condition.

REIMBURSEMENT

Figo offers reimbursement levels of 70%, 80%, 90% and 100%. They are the only pet insurance company that we know of that reimburses at 100%. They also pay out on the actual vet bill as do the other top providers.

As with deductibles, the higher the monthly premium, the more you will get reimbursed for that claim.

PRICING

Figo offers you more extensive coverage than most competitors at a price that is in line or slightly higher than average depending on the plan, deductible, and reimbursement percentage you choose. Plus, the cloud platform gives you access to a virtual pet community which helps you find pet-centric activities and stores around you, local dog parks, vaccination and appointment reminders, and online pet profiles that can assist those looking for lost animals.

While prices vary, some examples of mixed dog breeds average around $31 per month and generally ranges around $40-50 per month. For cats, the average ranges from $24-34 dollars per month.

There are no charges for electronic checking/savings account (ACH) payments.  However, there is an additional $2.00 fee for each monthly credit or debit card payment. With their excellent cloud platform, make sure to set up a direct payment method.

There are some discounts for medical service pets, multi-pet discounts, veterans, student and corporate benefit plans.

Figo claims that their plans average less than $1.50 per day (seems cheap when you look at it that way!)

CLAIMS & SERVICE

Figo’s claims process is completely paperless and features fast and easy mobile claims with an average approval time of 10 days. You can either take a picture of the bill with your phone and submit it via the cloud, or uploaded it to your email client and send it that way. Turnaround times are faster than most if you select direct deposit. The company is reachable via text, chat, phone, email, Twitter, or Facebook Messenger.   Only PetsBest seems to have a faster turn-around time.

You can check the status of your claim anytime by logging into the Figo Pet Cloud and selecting the claims icon to see where you are in the process!

Figo’s unique Pet Cloud provides every customer with an online portal and mobile app where customers can file claims, search for a lost pet, upload medical records, and communicate with customer service.  Claims are processed in as few as three days and funds received shortly thereafter when using direct deposit.

ENROLLMENT & WAITING PERIODS

Figo covers all dogs and cats 6 weeks and older. There is no upper age limit, which is great as many other plans have one (PetFirst also as no upper age limit!). There are also no breed restrictions. Waiting periods for accidents and injuries is 5 days, and 14 days for illnesses.

There is also a 6-month waiting period for problems associated with patella issues and cruciate ligament. Figo offers an online discount at enrollment and an array of other discounts including full pay, shelter/rescue, military, service dog, and multi-pet.

The 5-day waiting period for injury and 14-day waiting period for illness can only be waived if you purchased your policy using a Veterinary, Shelter or Humane Society partner code, and your pet receives a wellness exam within 48 hours prior to purchase.

Figo has some of the shortest waiting periods before coverage kicks in (five days for accidents, 14 for illnesses), and no additional exclusions for hip dysplasia (unlike Healthy Paws).

Figo does not require a veterinary exam to enroll. If you can’t provide medical records showing your pet’s annual health exam by a licensed veterinarian within the 12 months prior to the effective date of your Figo policy, your first documented veterinary examination (after the effective date of the policy) will be used as the basis for determining any pre-existing conditions.

There is also a 30-day “free look” period which means that if you change your mind after enrolling, you can get a full refund.  This helps if you are not sure if your dog or cat’s illness is a pre-existing condition and have time to confirm.

Your policy will renew automatically each year on your policy effective date.  If you don’t want to renew, you need to let them know in writing 30 days prior.

Customer service is available Monday through Friday, 8:00am-7:00pm CST; Saturday, 10:00am-3:00pm CST.

Make sure to go to Figo to get a quote to see if they are the right pet insurance company for you.  You can also call them at:  844.738.3446.  Have your questions ready and see if they can meet the needs for you and your dogs and cats!

Want to learn more about pet insurance and what to look for in coverage?  Than read our guide!

 

 

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