Costco Pet Insurance Review

Costco Pet Insurance Ratings at a Glance

Costco’s pet insurance through Figo offers three pet insurance plans as well as optional coverages that can be added to any plan. All three plans offer the same benefits but at different coverage limits. 

Essential: The Essential plan offers $5,000 of coverage annually for your pet’s veterinary bills. 

Preferred: The Preferred plan offers $10,000 of coverage annually for your pet’s veterinary bills.

Ultimate: The Ultimate plan offers an unlimited amount of coverage annually for your pet’s veterinary bills. 

The benefits of all Costco pet insurance plans are:

• Figo Pet Cloud (the mobile app)
• Live vet chat 24/7
• No per-incident cap on claims
• No upper age limits on pets

Interestingly Figo allows you to adjust your deductible and reimbursement levels to adjust each type of policy. You’re choosing from:

• 70% reimbursement
• 80% reimbursement
• 90% reimbursement
• 100% reimbursement

and

• $750 deductible
• $500 deductible
• $250 deductible
• $100 deductible

You can choose any combination you please to get both the coverage and premium you desire.

If you’re wondering how pet insurance works, the most important thing to understand is the types of conditions that it covers. Coverage includes:

• Orthopedic conditions, including ACL
• Hip dysplasia
• Rehabilitation
• Mobility devices
• Surgeries
• Imaging
• Non-routine dental treatment (as long as the pet doesn’t have a history of periodontal disease)
• Prescription medications
• Veterinary specialist treatments
• Holistic and alternative treatments (as long as they’re performed by a licensed veterinarian)
• Medication and treatment for behavioral problems, up to $500 or $1,000 per year
• Pet ambulance
• Emergency services
• Hospitalization
• Laboratory and diagnostic testing
• Hereditary and congenital conditions
• Chronic conditions
• Cancer treatments
• Euthanasia

Optional coverages that you can add on to your policy include:

• Veterinarian exam fee coverage for accident and illness visits
• Prescription food (up to $250 per year as long as veterinary exam fee coverage is added)
• Extra care pack, which covers things like cremation and burial, lost pet advertising and award, boarding fees and third-party property damage liability
• Wellness coverage to help pay for routine care such as vaccinations, spay/neuter, bloodwork and heartworm preventatives

As with any insurance plan, some exclusions affect Costco/Figo’s pet insurance plan. Your pet will not receive coverage for pre-existing conditions, which is any medical condition that your pet showed signs or symptoms of before the effective date of your policy or during the waiting period. Figo will determine which conditions are considered pre-existing for your pet by reviewing your pet’s medical records. In some cases, your pet insurance may cover conditions that are considered curable.

Costco/Figo’s pet insurance plans come with a few other exclusions. You will not receive coverage for experimental procedures or cosmetic surgery for your pet. If your pet is intact, you should also know that none of these plans will cover expenses related to breeding, pregnancy or giving birth. Cloned pets or cloning procedures are not eligible for coverage either. 

Figo’s customer service team is available via phone, text, email or chat. The phone line for general customer support and for claims support can reduce the wait time when placing a call.

Figo’s claims process can be started from the Figo Pet Cloud app or by filling out a physical copy of the claims form. Physical copies can either be emailed or faxed to Figo. When you submit your first claim, your veterinarian needs to send Figo the last 2 years of your pet’s medical records along with their notes. You’ll also need to submit a copy of your paid invoice each time you file a claim. Figo processes claims within 30 days of receiving all the required information and tries to complete the process within 7 to 10 business days. If you choose to receive your reimbursement via direct deposit, those funds should arrive within 3 to 5 business days after your claim has been completed. If you choose to receive reimbursement via check, you can expect to receive the check within 7 to 10 business days after the claim has been completed. 

Figo Pet Insurance is a Better Business Bureau (BBB) Accredited Business, and the BBB has given the company a B rating. This rating reflects the customer complaints that have been filed with BBB. Common complaints include rate increases after the first policy year and the denial of claims. The National Association of Insurance Commissioners (NAIC) doesn’t seem to provide insurance resources for pet insurance, so there is no NAIC complaint index for Figo.

Figo seems to have a strong financial stability rating — its top underwriter, Independence American Insurance Company has an A- rating from AM Best. This rating puts the underwriter in the Excellent category. 

Pet insurance cost is a serious concern for pet parents. Fortunately, it’s easy to get a free online quote for Costco pet insurance. On the Costco website, you’ll want to find the pet insurance page. Then you’ll click on the “get a free quote” button to get to the Figo website where you can complete the quote process.

Costco members get a 15% discount on new pet insurance policies. If you’re an Executive member, you can also have the $15 enrollment fee waived.

The quote process only asks a few questions, including whether your pet is a dog or cat, their gender, breed and age. You’ll also need to provide your zip code. Here are some quotes to give you an idea of how much pet insurance policies cost. Both of these quotes are for policies with an 80% reimbursement rate and a $250 deductible.

According to the North American Pet Health Insurance Association, average premiums for accident and illness coverage in the U.S. in 2021 were $48.66 per month for dogs and $28.57 for cats. However, these numbers don’t specify the age of the pets in question or the amount of coverage received at those premiums. 

In addition to the monthly premiums, Figo may charge a one-time enrollment fee, depending on the state that you and your pet live in. Figo may also charge payment processing fees, depending on the state. You can pay for your pet’s policy either annually or monthly.

The application experience for Costco pet insurance is easy and straightforward. You just have to make sure you go to Costco’s website first and let that direct you to Figo for a quote. By doing this, you’ll automatically have your Costco discount applied. 

After you’ve received your quote, you can customize your pet’s policy. First, you choose one of the three plan options. Then you can increase or decrease your reimbursement and deductible amounts. When you change these amounts, the premiums update automatically so you can see what the new price is. You’ll also have the option to add on additional benefits, including veterinary exam fees for accident and illnesses visits and wellness coverage. When you’re happy with your selections, you can continue to enroll. Or, you can save your quote for later if you want to come back to it. 

When you continue to enroll, you’ll need to put in your information as the pet parent, including your address and phone number. You can add a secondary pet parent as well. Since you’re getting Costco pet insurance through Figo, you’ll also need to enter your Costco membership number. At this stage, you can create your Pet Cloud login for future use within the mobile app.

Figo does not require a veterinary exam to enroll your pet in a pet insurance policy. You need to provide your pet’s medical records when you submit your first claim. If you don’t, the first veterinary exam after the effective date of the pet insurance policy may be used to determine pre-existing conditions. Any time you submit a claim, you’ll need to submit your veterinarian’s notes as well as the paid invoice.

Costco Pet Insurance vs. Competitors

Costco’s pet insurance stands out because you can get a significant discount on pet insurance just for being a Costco member. It’s important to keep in mind, though, that Costco’s pet insurance policies are offered through Figo. Figo stands out among its competitors for a few reasons, including the fact that you can receive 100% reimbursement on covered claims and purchase unlimited coverage. Figo’s waiting period for accident coverage is also much shorter than some of its competitors. Accident coverage begins the day after your policy effective date whereas some of Figo’s competitors have waiting periods of up to two weeks.  

Costco Pet Insurance — offered through Figo — is a great option for pet parents who also happen to be Costco members. Costco members can get a 15% discount on pet insurance policies purchased through the Costco/Figo partnership. Figo’s pet insurance plans leave plenty of room for customization, allowing you to enroll in a plan with unlimited coverage and 100% reimbursements if you choose. The online quote process makes it easy to review your options so that you can make an informed decision. If you’re thinking about getting pet insurance for your furry loved ones and have a Costco membership, this option is worth considering.

Frequently Asked Questions