Evaluating Figo Pet Insurance: A Mixed Bag of Pros and Cons

When it comes to pet insurance, Figo offers a unique option, but it comes with its own set of benefits and drawbacks. Let’s break it down so you can decide if it’s the right choice for your furry friend.

Coverage Options

Figo provides a robust range of coverage that caters to many pet-related medical expenses. However, to add certain services, like vet exam fees or alternative therapies—think acupuncture and chiropractic care—you’ll need to purchase “Powerups.” This add-on system may feel a bit clunky, especially since you already pay a premium for coverage.

If you’re looking for flexibility, Figo allows you to choose a 100% reimbursement option, which is a standout feature in the industry. However, note that this can’t be paired with an unlimited annual policy. For those concerned about out-of-pocket spending, Figo has a low deductible option of $100, but again, you can’t combine it with that full reimbursement.

Key Benefits

• Diminishing Deductible: Each year without claims reduces your deductible by $50 until it reaches $0.
• Behavioral Therapy Coverage: Up to $500 per year for behavioral issues, which is increasingly important for many pet owners today.
• Dental Illness Coverage: Figo includes coverage for conditions like gingivitis and periodontal disease.
• 24/7 Vet Helpline: Get unlimited access to veterinary advice through Figo’s Pet Cloud mobile app, which many users find helpful.

Drawbacks to Consider

Figo’s plans come with several limitations that potential customers should be aware of:

• Higher Costs: On average, Figo is 14% more expensive compared to competitors, particularly for policies with a $5,000 limit.
• Exclusions: Preexisting conditions are not covered unless they are deemed curable, and even then, they must have been symptom-free for 12 months.
• Waiting Periods: For illness coverage, there’s a 14-day wait before benefits kick in, and a specific 6-month waiting period for certain dog injuries.

Claims Process Simplified

Filing a claim with Figo is straightforward. You can do it via the mobile app or online, where you’ll fill out a form and attach your vet invoice. Just remember to submit your claims within 180 days post-visit. Once approved, Figo typically processes claims within 30 days, though many get resolved in under three business days.

Customer Support

Should you need assistance, Figo provides several avenues, including a dedicated phone line and email support. They even offer a 5% discount for insuring multiple pets—a nice perk for families with furballs.

Final Thoughts

Figo Pet Insurance offers a comprehensive policy with some unique features, but it also has a few pitfalls, primarily in its pricing and exclusions. Before making any decisions, consider your pet’s needs and any additional costs that might arise from adding coverage.

Ultimately, Figo might be a solid choice for pet owners seeking specific coverage options, but it’s wise to compare with other providers to ensure you’re getting the best value for your beloved pet’s healthcare needs.

Priya Desai

Writes about personal finance, side hustles, gadgets, and tech innovation.

Bio: Priya specializes in making complex financial and tech topics easy to digest, with experience in fintech and consumer reviews.