Figo vs. Trupanion

Affordable Pet Insurance With Perks for Pet Owners

Figo vs. Trupanion
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 The Balance / Amelia Manley

Figo vs. Trupanion

Figo was founded in 2015 as an insurtech company that combined pet insurance and technology to create a network that helps pet owners find vets and pet services online. Founded in 2000, Trupanion created pet insurance policies that pay vets directly rather than making pet owners pay out of pocket first and then get reimbursed later.

Despite Figo’s innovative approach, we found that Trupanion offers better pet insurance coverage overall. By focusing on saving pet owners money to ensure their pets get the care they need, Trupanion offers smart policy options, direct vet payment, and add-on riders to help with other emergency costs.

Figo vs. Trupanion: At a Glance

  Figo   Trupanion
Animals covered Dogs and cats Dogs and cats
Deductibles $0 to $1,500 $0 to $1,000
Example cost $35.79 to insure a two-year-old dog with 90% coverage, no annual limit, a $500 deductible, and veterinary exam fee coverage  $40.36 to insure a two-year-old dog with 90% reimbursement, no annual limit, and a $500 deductible 
Coverage type Accident and illness Accident and illness
Additional services Social network for pet owners Direct vet pay, complementary care, and pet owner riders
Waiting period Accidents: Three days Illnesses: 14 days Accidents: Five days Illnesses: 30 days
Network size Any licensed vet in the U.S., Puerto Rico, and Canada Any licensed vet in the U.S.,  Puerto Rico, Canada, and Australia
Customer service Phone, email, fax, mobile app, 24/7 live chat Phone, email, fax, 24/7 live chat
Claim turnaround Seven to 10 days Two weeks
Official website Figo Trupanion

Figo vs. Trupanion: Coverage

Figo and Trupanion each offer accident and illness insurance for dogs and cats. While Figo lets you choose your reimbursement for covered services, Trupanion offers a fixed 90% reimbursement rate.

   Figo  Trupanion
Deductible $0 to $1,500 $0 to $1,000
Reimbursement 70%, 80%, 90%, 100% 90%
Annual coverage limit $5,000, $10,000, or unlimited Unlimited (per condition)

Figo offers three plans with set annual coverage limits: Essential ($5,000), Preferred ($10,000), and Ultimate (unlimited). By contrast, Trupanion offers only an unlimited coverage by condition policy. What this means is that you only pay your deductible plus 10% of any remaining vet fees when your pet is first diagnosed with a condition. The next time your pet is seen for the same condition, you will have to pay only 10% of the vet fee.

Figo and Trupanion cover the cost of standard vet services for accidents and illnesses including the following:

   Figo  Trupanion
Cancer
Behavioral problems
Diagnostic tests
Surgery
Hospitalization
Prescription medications
Dental illness or injuries
Alternative therapies Chiropractic, acupuncture Herbs only
Emergency care
Euthanasia When medically necessary (includes cremation)  When recommended by a veterinarian to treat an eligible condition

While neither Figo nor Trupanion covers the costs of exams and office visits, Figo does offer a Veterinary Exam Fees for Accident and Illness Visits rider for a few additional dollars each month that will reimburse you for those fees.

Both companies also will deny coverage for pre-existing conditions as well as the following:

  • Wellness and preventive care
  • Dental healthcare
  • Spaying and neutering
  • Cosmetic or elective procedures
  • Injury or illness due to any intentional or neglectful act
  • Behavioral treatment
  • Non-FDA treatment or supplements
  • Breeding or conditions relating to breeding
  • Grooming or nail trims
  • Experimental or investigational treatment or medicine
  • Non-prescribed special diets or pet foods
  • Daycare/boarding

As mentioned, Figo offers a Veterinary Exam Fees for Accident and Illness Visits rider that will reimburse you for fees when you take your pet to the vet for an illness or injury. Without this rider, you will need to pay for exams and office visits with no reimbursement. 

Trupanion also offers two paid add-on riders to cover additional services. The Recovery and Complementary Care rider will reimburse you for holistic treatments used to treat accidents and illnesses, including acupuncture, behavioral modification, chiropractic, and homeopathy care. 

You also can add the Pet Owner Assistance rider to cover the following expenses: 

  • Damage to third-party property
  • Advertising and rewards for lost pets 
  • Boarding fees due to accident or illness 
  • Cremation or burial expenses

Figo vs. Trupanion: Enrollment Process

Figo and Trupanion both make it easy for you to build a policy and enroll online without speaking to an agent. While Figo will cover pets of any age, Trupanion offers new policies only for pets younger than 14.

Neither Figo nor Trupanion requires you to get an exam to qualify for coverage. With Figo, however, you will need to show that your pet had a full physical within 12 months before your policy starts in order to document pre-existing conditions, while Trupanion requires a full medical history and/or records.

Figo vs. Trupanion: Claim Filing

Figo and Trupanion both let you file a claim through an online portal, by email, fax, or mail. Figo also makes it easy to submit claims right from your phone with its mobile app. 

Figo will reimburse you for claims by check within seven to 10 days or a little sooner by direct deposit. Trupanion states that 60% of claims are reimbursed within 24 hours, but our research showed it can take as much as two weeks or a little longer. Trupanion also can reimburse participating vets directly for covered services so you’ll only need to pay your deductible or reimbursement percentage during your visit.

Figo vs. Trupanion: Reviews

Figo’s pet insurance policies are underwritten by Independence American Insurance Company (AM Best rating of A-), Markel American Insurance Company (AM Best rating of A), and Markel Insurance Company (AM Best rating of A).

Trupanion's policies are underwritten by American Pet Insurance Company in the United States, and in Canada, they are underwritten by Omega General Insurance Company. American Pet Insurance Company is not rated by AM Best but does have an A rating for financial stability from Demotech.

Figo vs. Trupanion: Costs

Figo and Trupanion each handle building a policy differently. With Figo, you need to select a plan first to determine your annual limit and then customize your deductible and reimbursement. While Trupanion lets you choose your deductible, every policy comes with a set 90% reimbursement rate and unlimited lifetime coverage by the condition.

Pricing varies by location, breed, pets' age, and other variables.

We used the quote builders on each company’s website to come up with sample policies:

Figo Costs

An accident and illness insurance policy from Figo for a mixed-breed, 21- to 50-pound, 3-year-old, female dog with unlimited coverage, a $500 deductible, and 90% reimbursement came to $31.08 per month. Adding the veterinary exam fee rider added only $5.34 per month for a total of $36.42 per month.

An accident and illness insurance policy from Figo for an American longhair, 1-year-old, male cat with unlimited coverage, a $500 deductible, and 90% reimbursement came to $23.03 per month. Adding the veterinary exam fee rider added only $3.95 per month for a total of $26.98 per month.

Trupanion Costs

An accident and illness policy from Trupanion for a mixed-breed, medium-size (20–55 lbs.), three-year-old female dog with unlimited coverage, a $500 deductible, and 90% reimbursement came to $43.63 per month. Recovery and Complementary Care Rider coverage added an extra $7.50 per month for a total of $51.13 per month. Pet Owner Assistance Package coverage added $4.95 per month for a total of $56.08 per month.

An accident and illness insurance policy from Trupanion for a domestic longhair, two-year-old male cat with unlimited coverage, a $500 deductible, and 90% reimbursement came to $24.59 per month. Recovery and Complementary Care Rider coverage added an extra $2.41 per month for a total of $27.00 per month. Pet Owner Assistance Package coverage added $4.95 per month for a total of $31.95 per month.

Trupanion also charges a one-time administration fee of $35 to start your policy. Both companies also offer a full refund of any paid premiums if you cancel your policy within 30 days and haven’t been paid for any claims during that time.

Trupanion does not raise rates with aging or filing claims.

What Are Figo and Trupanion?

Figo and Trupanion are companies offering pet insurance that will reimburse dog and cat owners for a large part of their vet bills if their pets suffer an accident or illness. Trupanion also can reimburse some vets directly to help you reduce your out-of-pocket expenses at the vet’s office. 

Each company requires you to meet your annual deductible, which can be as low as $0 or as high as $1,000, before reimbursing you for any vet bills. Trupanion also offers a no-deductible policy for a higher premium. Once you’ve met your deductible, Figo will reimburse you for between 70% to 90% of your vet bill depending on the policy you build, while Trupanion sets its reimbursement at 90%.

How Do Figo and Trupanion Work?

Once you take your pet to the vet for an accident or illness and pay your bill, you can submit your claim to Figo or Trupanion. Initially, your payment to your vet will go toward paying your deductible. Once you’ve met that amount, simply submit a copy of your bill and a claim form, and your insurance will reimburse you for 70% to 100% of what you paid with Figo, or for 90% of what you paid with Trupanion.

You can submit your claim to Figo and Trupanion along with any additional documentation from the vet online or by email, fax, or mail. Figo also lets you submit a claim with its mobile app. 

Once your claim is processed, your insurance company will reimburse you for the portion of your vet bill by mailed check or direct deposit to your bank account. Note that while Figo reimburses you for your exam fees and office visits, you will have to pay those out-of-pocket with Trupanion.

Who Should Use Figo or Trupanion?

Any pet owner wanting insurance coverage for their cat or dog should consider using Figo or Trupanion. However, although both Figo and Trupanion offer great accident and illness insurance at an affordable rate, we found that Trupanion offers a bit more value for your money.

Because Figo offers policies with annual limits, up to 100% reimbursement, and a paid rider that covers exams and office visits, it’s tempting to think it’s the better deal. However, Trupanion’s set 90% reimbursement and unlimited coverage end up saving you more per visit by the time you calculate what you’d pay per month for Figo’s most generous coverage.

Trupanion also offers more paid add-on riders that will reimburse you for expenses beyond those caused by accidents and illnesses, including trip cancellation, lost pet fees, and boarding fees. The company’s direct vet pay also can save you more by requiring you to pay less out of pocket during your vet visit.

How We Evaluated Figo vs. Trupanion

In comparing Figo and Trupanion, we looked at the type of coverage each offered in its accident and illness policies as well as what both excluded. We also dug into any perks or add-ons that could enhance your coverage or reduce what you pay at the vet. Finally, we compared pricing to see which company offered the best value for the coverage offered.

In the end, we concluded that Trupanion offers more coverage and savings than Figo. This is primarily due to its set 90% reimbursement limit that ensures you’re saving more at the vet than with lower reimbursement. Trupanion’s additional riders also reimburse you for unexpected expenses related to a pet emergency, while its direct vet pay helps keep more money in your pocket.