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Pet Insurance

Costco Pet Insurance Review

Updated Dec 21, 2023   |   17-min read

Our take on Figo pet insurance from Costco

  • No best-for designation
  • Editorial rating: 4.4 out of 5
  • Costco members get a discount

If you’re a pet owner seeking comprehensive coverage without breaking the bank, Figo pet insurance from Costco might be on your list of companies to consider. Best suited for Costco members who want the added bonus of member discounts, this policy shines for those who want customizable coverage options.

Based on our most recent evaluation, Figo pet insurance from Costco didn’t top the charts in any specific category. It offers a solid middle-of-the-road option but doesn’t lead the pack in terms of low cost or extensive coverage. (Read more about the companies that earned our best-for designations below.)

Whether it’s the best fit for you will depend on what you’re looking for: cost-saving member perks or more specialized coverage. You may want to explore other options if the latter is your priority.

About Figo pet insurance from Costco

Founded in 2012, Figo aims to simplify pet insurance and provide peace of mind to pet owners. The company’s mission is to make comprehensive pet health care accessible and easy to understand. It partners with members-only warehouse retailer Costco to offer its policies at a discounted rate to Costco members.

Figo offers a range of plans that help pet owners manage healthcare costs for their furry friends. You’ll find coverage options for accidents, illnesses, and even preventive care. The policies are available nationwide, making it convenient for pet owners in various regions to secure a policy. 

However, not all pets may be eligible for coverage, so checking the terms before applying is crucial. Read on because Figo pet insurance from Costco offers customizable coverage that could suit your dog or cat’s unique needs.


Tip

If you aren’t a Costco member, our review of Figo’s pet insurance details the coverage but doesn’t consider the Costco discounts.


Costco pet insurance at a glance

Costco and Figo offer a range of customizable plans that suit various needs. Customization means you can tweak your policy to better align with your budget and your pet’s specific healthcare needs. Below the table, you’ll find a deeper dive into the listed terms. 

TermsDetails
Eligible petsDogs and cats
Deductibles$100 – $1,500
Annual coverage limits$5,000 – unlimited
Reimbursement rates70% – 90%
Waiting periods1 day for accidents

14 days for illness
Policy discountsUp to 15% for Costco members

5% multi-pet discount
Preventive care coverageOptional wellness add-ons
Fees$15 enrollment fee (exceptions apply)
Unique featuresDiscounted rates

Various add-ons

Pet Cloud app

The plans provide coverage for a broad range of healthcare needs, from common illnesses to chronic conditions and accidents. You can also add routine wellness and veterinary exam coverage for extra protection. 

With several deductible, limit, and reimbursement options, you can make this policy work for you. Discounts abound for Costco members, and the ability to reduce or eliminate waiting periods offers even more value. (See more about waiting periods below.)

What types of plans does Costco offer?

Costco’s pet insurance through Figo focuses on a basic plan but provides options to enhance your coverage. The basic plan is robust, covering various medical conditions, from common illnesses to chronic diseases and accidents. 

Unlike some other pet insurance providers, Costco’s singular base plan provides a solid range of coverage.

Plan options:

  • Basic pet insurance: This foundational plan covers common illnesses, including appetite and urinary issues, accidents and emergencies, and even chronic conditions such as allergies and diabetes. It’s a comprehensive starting point that caters to most general pet health needs.
  • Veterinary exam add-on: If you want to go beyond the basic coverage, this add-on offers exam fees for diagnosing and treating your pet outside preventive care.
  • Routine wellness plan add-on: Perfect for pet owners who want to cover regular vet visits, this add-on includes preventive measures such as vaccines, dental care, and spay or neuter procedures.

The basic plan provides solid coverage, but the add-ons offer a way to customize your policy to suit your pet’s unique health requirements better.

What does Costco pet insurance cover?

Let’s delve into what kinds of coverage you can expect from each plan option with Costco’s pet insurance through Figo.

Accident and illness pet insurance

This comprehensive plan provides wide-ranging protection, covering conditions from common illnesses to accidents and chronic diseases. This is inclusive compared to some competitors in the market.

Standard coverage includes:

  • Common illnesses: Appetite issues, urinary problems, and gastrointestinal disorders
  • Accidents and emergencies: Immediate treatment needs
  • Chronic conditions: Allergies, arthritis, and diabetes
  • Hereditary or congenital issues: Including but not limited to birth defects and breed-specific issues
  • Cancer treatment

Optional add-ons

You can add coverage for veterinary exam fees for diagnosis and treatment outside of preventive care.

Preventive care

Preventive care is available as an optional add-on and varies based on the plan you select. Here’s how Costco stacks up in the preventive care department.

Premiums in the table below are based on quotes our team obtained. Read more about the quotes below.

Reimbursed items
(annual limit)
Veterinary exam add-onRoutine wellness add-on (basic) Routine wellness add-on (plus) 
Premium$2.01 – $5.49 per month $9.50 per month$16.50 per month
Annual examN/A$20$40
MicrochippingN/A$15$30
Prescription food for treatment of illnessYes – $250 per policy termN/AN/A
Vaccines*N/A$30$50
Spay/neuter or teeth cleaningN/A$40$75
Tests**N/A$20$45
DewormingN/A$10$10

*Vaccines include a broad range of preventive shots approved by the American Veterinary Medical Association.
**Tests encompass everything from blood panels to feline leukemia virus tests.

With these add-on options, you can tailor your plan to your pet’s needs, from basic wellness checks to more comprehensive preventive measures.

What does Costco pet insurance not cover?

Like any insurance plan, Costco’s pet insurance isn’t a catch-all. Typical exclusions such as pre-existing conditions and elective procedures are part of the fine print. These limitations are standard across the pet insurance industry.

Exclusions include:

  • Pre-existing conditions: Any condition diagnosed before the policy start date isn’t covered. This aligns with industry norms.
  • Elective procedures: Procedures that aren’t medically necessary, such as tail docking or ear cropping, aren’t covered.
  • Cosmetic procedures: Similar to elective procedures, claw removal, teeth whitening, and other cosmetic treatments don’t make the cut.
  • Behavioral treatments: Not a standard part of the coverage, unlike other insurance providers offering this as an add-on.
  • Food and nutrition: General food costs aren’t covered unless you purchase the veterinary exam add-on, which provides $250 worth of coverage per year for prescription food.

Understanding these exclusions can help you set realistic expectations for what the policy will and won’t cover, steering you toward an informed decision.

Waiting periods for Costco pet insurance

A waiting period is the buffer time between when you purchase a pet insurance policy and when the coverage kicks in. It’s a standard practice in the insurance industry to prevent pet owners from signing up after an accident.

Costco’s waiting periods:

  • Accidents related to injury: Coverage starts in just 1 day.
  • Illness: A 14-day waiting period applies before illness coverage takes effect.
  • Orthopedic conditions: With an orthopedic conditions waiver, you can eliminate the standard 6-month waiting period within the first 30 days of your policy.

Costco’s waiting periods are in line with industry standards. The ability to shorten the waiting period for orthopedic conditions is a plus, offering more flexibility than you might find elsewhere. 

Knowing these waiting periods can help you plan accordingly, avoiding unpleasant surprises when you need coverage most.

How much does a Costco pet insurance policy cost?

The cost of a Costco pet insurance policy depends on several variables, such as your pet’s age, breed, and even your ZIP code. 

You have control over certain aspects, including your deductible, reimbursement rate, and annual coverage limit. Our research shows that dogs’ average monthly premium tends to be around $26.92 and $13.05 for cats. 

Premiums can change over time due to inflation, increases in veterinary costs, and other factors. Figo doesn’t state that premiums increase after a claim, but this is a common practice in the industry. Be mindful of a $15 enrollment fee waived for Costco Executive members.

Sample quotes collected by our team

Costco offers a free quote tool that lets you gauge how much a policy would cost for your pet. It’s a convenient way to tailor your policy before committing.

DetailsMost popular (dog)*Value plus (dog)*Most popular (cat)*Higher coverage (cat)*
ZIP code75033750331910319103
GenderMaleMaleFemaleFemale
Age4 years4 yearsUnder 1 yearUnder 1 year
BreedMixed, 21–50 lbs.Mixed, 21–50 lbs.MixedMixed
Deductible$250$750$250$500
Annual coverage$10,000$5,000$10,000Unlimited
Reimbursement rate80%70%80%90%
Monthly premium$26.92$9.87$13.05$19.70

*Descriptions from Figo

All quotes include the 15% Costco membership discount.

Discounts to save money on Costco pet insurance

Discounts can reduce your premium. Figo offers several types for Costco members:

  • Gold Star and Business members: Up to a 15% discount.
  • Executive members: 15% discount and $15 enrollment fee waived.
  • Multi-pet discount: 5% off for insuring multiple pets.

Executive members with multiple pets can get top-notch coverage and enjoy substantial savings.

What types of pets are eligible for Costco pet insurance?

If you’re a dog or cat owner, you’re in luck. Figo pet insurance from Costco doesn’t place any breed restrictions. 

The age requirement starts at a minimum of eight weeks. For dogs aged eight years and older and cats aged 10 and up, Figo recommends following your veterinarian’s advice on senior wellness testing.

RequirementDetails
Eligible statesNo state-based restrictions, but some discounts are not available in specific states.
Age restrictionsMinimum 8 weeks; senior pets should follow vet’s wellness testing advice.
Breed restrictionsNone stated.
Medical examNo initial exam required.

If you’re in Rhode Island or Michigan, you won’t get the no-enrollment-fee discount for Executive Members. Also, some Costco discounts aren’t available in Tennessee. 

No initial medical exam is required to enroll, but if you don’t provide medical records from the last year, the first vet exam post-enrollment establishes any pre-existing conditions.

Figo pet insurance claims and payouts

When it comes to claims and payouts, you pay for your pet’s health care upfront, and Figo reimburses you based on your policy terms. You don’t need to get preapproval for pet health care, so you can choose the care your pet needs. 

Generally, the claims process and reimbursement take about five to 10 business days. This time frame is comparable to the industry standard.

How to file a claim with Figo:

  • Get the treatment: Take your pet to any licensed veterinarian for treatment.
  • Pay the bill: Pay the vet for services rendered.
  • File the claim: Use the Pet Cloud in Figo’s mobile app or Figo’s website to file your claim. Submit the bill and any necessary medical records.
  • Get reimbursement: Receive your reimbursement through direct deposit or a check after claim approval.
Image of Figo Pet Cloud app home screen

Source: Figo

Figo’s easy-to-use mobile app streamlines the claim filing process, making the process smooth and efficient.

How has Costco’s pet insurance evolved over the years?

Costco is relatively new to the pet insurance game, having only started offering policies in 2021 through its partnership with Figo, which has been around since 2013. 

Figo brings years of pet insurance expertise, but Costco adds its well-known consumer-friendly practices.

Costco pet insurance timeline:

  • Costco’s 2021 entry into the market brings a trusted brand name, potentially attracting more customers.
  • Since its launch, discount terms and fee waivers have been a part of the package, consistent with Costco’s broader customer-friendly approach.

Costco’s pet insurance hasn’t seen many changes given its shorter life span, but the initial offering is robust, incorporating discounts and fee waivers right out the gate. 

It’s worth watching this space to see how Costco leverages its partnership with Figo to further evolve its pet insurance offerings.

Pros and cons of Costco pet insurance

When considering pet insurance options, you’ll find Figo’s offerings through Costco come with their own sets of benefits and drawbacks. Here’s a breakdown to help you decide whether it’s the right fit for your furry friend.

Pros

  • Customizable coverage

    Tailor your coverage, from setting deductibles to choosing reimbursement rates.

  • Senior-pet-friendly

    Many insurers avoid covering older pets, but not Figo. This can be a lifesaver if your pet is in their golden years.

  • Easy onboarding

    No need for a preliminary veterinary exam, but medical records are required.

  • Quick accident coverage

    The waiting period for accident coverage is just one day. That’s lightning-fast compared to many other providers.

  • Tech-savvy

    The Pet Cloud app makes filing claims and finding pet services convenient and easy.

  • Flexible wellness plans

    Choose between two wellness plans to suit your pet’s needs.

Cons

  • Extra cost for vet exams

    Many costs are covered, but a vet exam isn’t—unless you buy the add-on.

  • Limited food coverage

    Prescription food isn’t covered under the base plan. You’ll need an add-on to get $250 per year (which might not go far based on the price of a bag of prescription dog food).

  • Orthopedic hurdles

    Lengthy waiting period for orthopedic coverage unless you get a waiver signed.

  • Less customization for add-ons

    Unlike the primary insurance plans, the veterinary add-on plans don’t offer much customization.

Understanding the pros and cons of Figo pet insurance from Costco can help you make an informed decision, keeping your pet’s needs and your budget in mind.

How Costco pet insurance compares to others

When it comes to pet insurance, Figo’s offerings through Costco hold their own against the competition, especially with customizable coverage options and elderly pet coverage. However, it could improve in several areas. 

For example, the additional costs for vet exams and the lack of prescription food coverage in the base plan could be deal-breakers for some pet owners. If comprehensive coverage is what you’re looking for, Fetch pet insurance might be a better fit. It earns a LendEDU editorial rating of 4.9 out of 5 and our best coverage designation.

Those searching for unlimited coverage should consider ManyPets, and Lemonade stands out for quick claims processing thanks to its AI-powered digital claims system.

A comparative look can help you make a more informed choice about which pet insurance best fits you and your cat or dog.

Is Figo a reputable company?

Customer reviews can offer valuable insights when you’re shopping for pet insurance. They provide a firsthand account of working with the company, including the ease of filing claims and how well it honors its coverage commitments.

Trustpilot and Better Business Bureau (BBB) are reliable sources for company reviews. Trustpilot is an open platform where consumers can share their experiences, and BBB is a nonprofit organization that focuses on advancing marketplace trust. Google Reviews is another open source to view consumer experiences.

SourceCustomer ratingNumber of reviews
Trustpilot4.1 out of 51,679 
Better Business Bureau1.0 out of 526
Google3.2 out of 5769 

Ratings collected on December 15, 2023.

As you can see in the table above, customer opinions are mixed. On Trustpilot, the company has a solid four-star rating. Customers often highlight the ease of working with Figo and filing claims. 

However, Figo’s reputation takes a hit on the Better Business Bureau (BBB), with a B+ accreditation and a concerning one-star customer rating. (Figo has far fewer reviews on the BBB than the other two sources.) The negative reviews here revolve around denied claims and changing premiums. 

Google reviews also offer a moderate 3.2-star rating, where customers praise customization but report issues with claims and premiums.

Despite the varied ratings across platforms, the recurring themes in the reviews suggest that while Figo excels in customization and claims processing, it could improve transparency around coverage and premium changes.

Does Costco have a customer service team for pet insurance?

Costco and Figo provide customer service through multiple channels to assist with any questions or concerns. 

Whether you’re looking to file a claim or understand your policy better, the team is there to help. Note: The “learn more” link from Costco’s webpage redirects to Figo’s site to apply and obtain more information.

Ways to contact Figo:

  • Email: [email protected]
  • Phone: 844-200-2607 (Monday – Friday, 7 a.m. – 7 p.m. Central; Saturday and Sunday, 8 a.m. – 6 p.m. Central)
  • Text: 216-250-9231 (Monday – Friday, 7 a.m. – 7 p.m. Central; Saturday and Sunday, 8 a.m. – 6 p.m. Central)

These contact options give you the flexibility to choose the most convenient way to get in touch with Figo’s customer service.

How to apply for Figo pet insurance through Costco

The application process for Figo’s pet insurance through Costco is relatively straightforward. A perk is that Costco members can take advantage of exclusive discounts. 

Figo's "Welcome, Costco members!" page

Source: Figo

Here’s a step-by-step guide to applying:

  1. Visit the quote page: Head to the dedicated quote page linked from Costco’s website. This will direct you to an external page managed by Figo.
  2. Provide pet information: Plug in details about your pet, such as breed, age, and medical history.
  3. Choose your plan: Select the coverage you want for your pet. This is also where you can opt for add-ons.
Quote for Bandit's plan with 15% Costco member discount

Source: Figo

Option to add Figo pet wellness add-ons

Source: Figo

  1. Enter personal information: Input basic details, including your name, address, and contact information.
Required personal info for pet parents to enter

Source: Figo

  1. Input Costco membership: The last step is to enter your Costco membership number to ensure you get exclusive discounts.
Prompt to input Costco membership number

Source: Figo

The required information is basic, and each step should only take a few minutes, making the application process quick and hassle-free.

Figo pet insurance from Costco FAQ

Can you visit any veterinarian or emergency hospital?

You can visit any licensed veterinarian or emergency animal hospital with Figo pet insurance through Costco. There are no network restrictions, making it convenient for you to seek medical care for your pet wherever you are.

Is a medical exam required to enroll?

Figo doesn’t require a medical exam to register your pet. However, if you haven’t submitted any medical records from the last 12 months, the first medical exam after enrollment is used to identify any pre-existing conditions.

Does Costco pet insurance cover exotic pets?

Figo pet insurance focuses on coverage for dogs and cats. Exotic pets such as birds, reptiles, and small mammals won’t be covered under Figo’s policy through Costco. 

If you own an exotic animal, we recommend Nationwide, which will consider exotic pets on a case-by-case basis.

Can you add another pet to your policy?

Yes, you can add multiple pets to a single Figo policy. To add another pet, you would apply as you did for the first pet, including providing all necessary information and medical history. Once approved, the additional pet will be included in your policy.

Can you make changes to your policy?

You can make changes to your Figo pet insurance policy. Whether changing the coverage type, upgrading to an add-on, or adjusting your deductible, you can do so by contacting Figo’s customer service. Note that any changes might affect your premium.

Do you have to renew your policy each year?

Figo pet insurance policies are generally for a term of one year. As the end of your policy term approaches, you’ll get a notice about renewal. Unless you opt out, your policy will auto-renew to ensure continuous coverage for your pet.

Can you cancel a policy?

If you decide Figo pet insurance isn’t for you, you can cancel by contacting Figo’s customer service via phone or email. Depending on when you cancel, you may be entitled to a prorated refund for any unused portion of your policy.

How we rated Figo pet insurance from Costco

We designed LendEDU’s editorial rating system to help consumers identify companies that offer the best financial products. Our experts spend hours researching these companies each year to ensure our ratings are fresh and accurate.

Our most recent evaluation compared Figo pet insurance from Costco to several pet insurance companies across a number of factors, including coverage, customer reviews, terms, and costs. We weighted, scored, and combined these factors to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. We round all ratings to the nearest tenth decimal place.

ProductBest forOur rating
Pet insuranceNo best-for designation4.4 out of 5Get a quote