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Figo vs. Trupanion Pet Insurance: Which One’s Best?

Review Summary

Figo and Trupanion are pet insurance companies, and they both offer insurance for dogs and cats. Although they are similar in many respects, there are significant differences. Figo was formed in 2015 and besides pet insurance, it maintains a network of vets and animal services to connect owners and service providers. Trupanion, by contrast, was formed back in 2000. Its innovation was to pay vets directly, rather than pet owners. This has proven popular with some owners because it means that they do not have to pay the vet bill themselves, as is true with most policies and companies.

Generally, Trupanion offers better insurance coverage and besides the ability to pay vets directly, has other benefits, such as add-on riders that can help cover additional vet and emergency treatment costs. However, Figo offers more customization options.

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At a Glance

Let’s look at the key points of each product.

Figo vs Trupanion

Figo
  • Accident and illness cover
  • Social network for owners and providers
  • 3- and 14-day waiting periods
  • 7-day claim turnaround
  • Covers behavioral treatment
  • Includes chiropractic and acupuncture treatments
Trupanion
  • Accident and illness coverage
  • $0 deductible options
  • Direct vet payments
  • Pet owner riders available
  • Unlimited annual coverage

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Overview of Figo

figo pet insurance

Figo was formed in 2015 and offers insurance for cats and dogs. Deductibles range from $100 to $750, with reimbursement options of 70%, 80%, 90%, and even 100%. Annual coverage limits are between $5,000 and $10,000, with unlimited options also available.

 

Pet Cloud

Figo offers its policyholders access to the Pet Cloud social network. This aims to connect like-minded pet owners and provides details of local service providers, like groomers, walkers, and pet hotels. This is only a value-added service, and most users are unlikely to avail themselves of the social network features, although the local listings for service providers and the live vet consultations are useful.

Live Vet Consultation

The Live Vet is a chatbot with access to commonly asked questions and health complaints. Ask it a question and get a quick response — although if it is a real emergency, you should consult your vet and not rely on the answer given. However, if you want to know whether something your dog has eaten in the yard could cause an upset stomach or if a symptom they’re showing may mean something serious, the quick and simple response can be helpful.

Exam Fees

An initial examination is usually required to determine whether an animal is suffering an emergency or not. Many insurance companies exclude the cost of this initial examination from the costs that they cover, presumably because until your pet has been diagnosed, they cannot be sure whether this should be considered as part of the treatment. Some owners may take their pets for unnecessary consultations. Although Figo does not cover examination fees by default, you can pay extra to include them as part of your policy.

Pros
  • Maximum coverage levels are generous
  • 100% reimbursement options available
  • Vet fees covered for an additional charge
  • No upper age limit on pets
Cons
  • Quite a long list of exclusions
  • Dental care not included
  • Comprehensive policies are expensive

Overview of Trupanion

Trupanion

Trupanion is another pet insurance company that is considered innovative in its own way. While it doesn’t offer a social network, it is one of few insurance companies that offer direct vet reimbursement, so you don’t have to pay the vets and then reclaim your money later.

 

Direct Vet Payments

Trupanion is one of surprisingly few pet insurance companies that will directly reimburse the vet or other service provider. This means that you only have to pay the deductible and your share of reimbursement at the time of your appointment, and the insurance company will resolve the rest of the payment. This means that you enjoy greater peace of mind and can take your pet to the vet without the worry of having to find the money before you get reimbursed.

$0 Deductibles

With some comprehensive policies, Trupanion offers $0 deductibles. The deductible is the amount that you have to pay before the insurance policy kicks in and reimburses you toward the total cost. Typically, if you can afford to pay a deductible, it will help bring down the cost of your premium, and $0 deductibles can attract a higher premium with any insurance policy. Other options include figures between $50 and $1,000.

Unlimited Annual Coverage

Annual coverage is the amount of money that your insurance company will pay over a year. While some policies have an annual coverage maximum of $10,000, Trupanion also offers policies with an unlimited amount of coverage. This means that no matter what the costs, your insurance will pay for the treatment and other covered costs associated with getting your pet back to full health.

Pros
  • 90% reimbursement
  • No annual coverage maximum available
  • Direct vet payments
  • Optional extras
Cons
  • Long waiting periods
  • Expensive compared to the competition

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What Are the Differences Between Them?

Coverage and Extras

Edge: Figo

Figo offers a good range of deductibles, reimbursement levels, and annual coverage limits. You can also pay extra to cover examination fees.

Price

Edge: Figo

Although Trupanion’s coverage and customer service are good, its quotes are expensive compared to the competition. Figo isn’t the cheapest out there, but it is cheaper than Trupanion.

Extras

Edge: Figo

Figo wins this one. You can pay for additional coverage that meets the cost of examinations, and you can pay extra for a wellness program, although Trupanion also offers the latter.

Sign-Up and Claims

Edge: Trupanion

Both companies are similar in this regard. The signup procedure is simple, neither requires an examination, but both may require vet and health records. Although these two companies let you submit a claim through an online portal, Trupanion is easier because it offers direct vet payments, which Figo does not.

What the Users Say

Figo and Trupanion are popular among users. Figo is considered no-frills coverage and offers competitive pricing, while Trupanion offers more expensive policies, but users praise the company for its direct vet payment options. Many users also prefer the range of coverage options available from Figo. Although Figo quotes are cheaper, The Balance “found that Trupanion offers a bit more value for your money” and that “the company’s direct vet pay can also save you more by requiring you to pay less out of pocket during your vet visit.”

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Conclusion

Trupanion costs a little more than Figo, but its coverage is more comprehensive and it offers greater benefits. It also offers direct vet payments, which are quite unique in the marketplace. There are beneficial extras with this policy too, which further extend its usefulness.

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