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Wednesday, February 8, 2023

Figo Pet Insurance Review

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Figo may be a new player on the pet insurance scene, but this company is growing in popularity for its affordable pet insurance plans that offer no-frills coverage for dogs and cats. Many pet owners consider Figo’s policies if they’re looking for a straightforward plan that will help foot the bill in case of an emergency, but don’t necessarily care about subsidizing preventive services.

Is there a catch to these low monthly premiums that almost seem too good to be true? Yes and no. Figo may not provide the same coverage that more expensive policies include, but the company does make up for this through top-notch customer service and tech-friendly tools.

Learn more: See who made our list of the best pet insurance companies

Company Overview

Figo is a pet insurance provider that was born out of a Chicago startup hub in 2012. The company provides policies for dogs and cats in all 50 states, and enrolled pets can be taken to any licensed veterinarian in the United States, Puerto Rico, or Canada. Thanks to its deep roots in the world of technological innovation, Figo takes a tech-first approach to customer service and offers one of the most comprehensive apps in the pet insurance industry. The provider makes itself available to customers through a variety of additional methods including email, phone, text, and even social media.

Although Figo administers all its own policies, the insurer uses three different third-party underwriters: Independence American Insurance Company, Markel American Insurance Company, and Markel Insurance Company. This doesn’t make much of a difference in day-to-day customer experience or the claims process, but it’s still important to know. Since an insurance policy’s financial guarantee comes from its underwriter, prospective customers should always confirm this company’s financial stability rating before signing up for any type of insurance coverage.


  • No network limitations

  • 24/7 virtual vet visits

  • Great customer service options

  • No maximum enrollment age

  • 30-day money-back guarantee


  • Doesn’t offer wellness or accident-only plans

  • Enrollment exam recommended

  • Only covers dogs and cats

  • Exam fees not included

  • Both annual and lifetime maximum benefits

Pros Explained

  • No network limitations: With Figo, you can visit any licensed veterinarian in the United States, Canada, or Puerto Rico. This includes general veterinary practices, specialists, and pet emergency rooms.
  • 24/7 virtual vet visits: Through Figo’s Pet Cloud app, you’ll get 24-hour access to a live veterinarian in case of emergency. This service is included with all policies at no additional charge.
  • Great customer service options: The options to contact Figo customer care are just about limitless. Get in touch via phone, email, text, chat, or Twitter.
  • No maximum enrollment age: There’s no age limit to enroll your pet for coverage. Senior pets may be subject to certain restrictions, like limited mortality benefits or proof of recent wellness testing, but this is standard.
  • 30-day money-back guarantee: If you try Figo and decide it isn’t for you, the company will refund your money (except administrative fees) within 30 days as long as you haven’t made a claim.

Cons Explained

  • Doesn’t offer wellness or accident-only plans: Figo’s coverage options are a bit limited with just one plan and one optional rider available. Neither covers wellness, and you’re required to purchase both accident and illness coverage.
  • Enrollment exam recommended: While Figo doesn’t require a veterinary exam to begin coverage, it may be recommended. If pet owners can’t show proof of a checkup in the 12 months prior to coverage beginning, the company may use the first subsequent exam to establish pre-existing conditions. This could be bad news if your first trip to the vet is for a new issue that ends up being denied.
  • Only covers dogs and cats: Families with additional critters like birds and hamsters won’t find coverage for all their pets with Figo.
  • Exam fees not included: Figo’s base plan doesn’t cover exam fees, which are almost always charged during visits for accidents and illnesses. You can purchase this coverage for a few extra dollars per month.
  • Both annual and lifetime maximum benefits: It’s standard practice for pet insurance companies to impose annual limits, but Figo also places a lifetime limit on benefits with some policies. This varies by policy but starts at $100,000.

Available Plans

Figo keeps its plan options fairly limited in a format that is easy to understand but difficult to customize. This may come as a disappointment to pet parents who want more control over coverage. Although the provider claims to offer three different policies, it’s essentially just one core plan packaged with tiered annual limits.

Policies cover both accidents and illnesses, with no option to add wellness benefits or drop down to a cheaper accident-only plan. Figo does provide one optional rider to include exam fees for visits related to accidents or illnesses, which aren’t included in the standard level of coverage. This additional coverage only adds a few dollars to the monthly premium for most pets.

Aside from the exam fee rider, the only way to modify Figo’s pet insurance plans is by tweaking the coverage levels. The annual deductible can be set between $100 and $750 for most pets, and reimbursement ranges from 70% to 100%. Annual limits start at $5,000 and go up to unlimited coverage, although certain types of care may have their own limits.

Plan Pricing

In terms of pure affordability, Figo’s premiums reach far lower price points than most competitors. Even the provider’s most expensive plans are surprisingly budget-friendly. Still, it’s important to remember that these plans offer less coverage than some of the pricier options from other companies. Exam fees alone typically cost about $50 per visit, which you’ll have to pay out of pocket without Figo’s exam fee rider.

The table below outlines the price range for Figo’s base policies and the additional monthly cost of including exam fee coverage.

Waiting Periods

As with most pet insurance policies, coverage doesn’t begin immediately after you sign up with Figo. Still, waiting periods are relatively short for the industry: just three days for injuries and 14 days for illnesses. Note that certain orthopedic conditions may have a one-year waiting period. Waiting periods may be reduced or eliminated if you voluntarily submit a veterinary exam in the 10 days before coverage begins, but keep in mind that you’ll have to pay for this examination entirely out of pocket.

Pre-Existing Conditions

Any pre-existing condition that presented symptoms before coverage began or during the applicable waiting period isn’t eligible for reimbursement through Figo’s policies. This part is standard for a pet insurance policy. What is a bit outside the norm is that Figo reserves the right to disqualify conditions as pre-existing if they are identified during your pet’s first visit to a vet after coverage begins. This is only enforceable if you can’t produce vet records from the year prior to the policy start date, but it’s a good reason to get a quick checkup done just to be safe.

Coverage Limits

Figo offers different annual limits that place a cap on the amount that can be paid by the policy each year. The cheapest plans max out at a $5,000 annual limit, but unlimited coverage is available for a higher premium.

In addition to annual limits, Figo also places maximum lifetime limits on some policies, something that most competitors don’t do. These depend on the state and the age of the pet, but you can expect a lifetime limit of $100,000 for the cheapest policies. Unlimited plans may not have a lifetime limit at all.

Plan Exclusions

Figo’s plans exclude all treatments related to preventive care and wellness, including routine checkups, vaccines, and microchipping. There are also some specific conditions that are further excluded in the fine print, such as parasite treatments and coprophagia, the veterinary term for “poop eating.” See the Figo sample policy for a more complete list of exclusions.


As a tech-focused company, Figo makes it easy to file claims anytime you get a vet bill. The fastest way to get reimbursed is through the provider’s smartphone app, which offers assistance from Evie, Figo’s AI claims assistant. If technology isn’t really your thing, you can also submit claims by phone, email, fax, or snail mail. Figo tries to process all claims within seven to 10 business days.

Customer Service

No matter how you prefer to get assistance, Figo can make it happen. Customer service is available over the phone, via text, live chat, email, and even through Twitter. You can also get help through Figo’s industry-leading smartphone app. The app, Pet Cloud, lets customers connect, file claims, and communicate with licensed veterinarians, and is almost a standalone service in itself. Access to Pet Cloud is included with all plans for no additional charge.

Third-Party Ratings

We always take ratings with a grain of salt, but it’s worth mentioning that Figo doesn’t fare as well as some other providers in the pet insurance space. The company has a B+ rating from the Better Business Bureau, likely due to a high volume of complaints submitted over the past year, many involving mid-policy changes in underwriters and premiums or various claims denials. The majority of competitors hold an A rating or better.

Figo’s top-listed underwriter, Independence American Insurance Company, has been given an A- financial stability rating from AM Best. This is far from a bad rating and actually falls within the agency’s “Excellent” rating category. Still, Figo’s underwriter isn’t quite as strong as others.

Competition: Figo vs. Petplan

Figo and Petplan provide similar pet coverage with straightforward accident-and-illness policies that don’t give policyholders the option to add wellness benefits. When we matched comparable coverage levels, we found that Petplan’s policy was around $10 more expensive per month, but still had a $150 higher annual deductible. Petplan also had significantly longer waiting periods on injuries, which lasted 15 days compared to Figo’s three-day wait. The only difference is that Petplan covers exam fees for no additional charge; however, this still doesn’t make up for the difference. Figo is the clear winner here.

Our Verdict

The sticker price on Figo’s affordable pet insurance policies may tempt some pet owners to jump on board right away. While it’s true that these plans are easy to fit within almost any budget, there are some severe limitations that could lead to higher out-of-pocket costs. For example, Figo won’t cover some common ailments and occasionally restricts the type of treatments that can be administered.

You’ll also have to pay out of pocket for exam fees if you don’t opt for this extra coverage, which could add up to hundreds of dollars per year depending on how frequently you visit the vet. Before you sign up with Figo, do the math to make sure you’ll really be getting your money’s worth.

How We Review Pet Insurance Carriers

Figo is just one of dozens of pet insurance providers we’ve reviewed to help pet parents make the right choice on coverage. We know you’re on a budget, so we weighed policy pricing heavily against covered treatments, limitations, and any out-of-pocket costs you might incur beyond monthly premiums. We also considered customer experience, both by interacting with the provider firsthand and by looking at third-party ratings.

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