Last year, I began the long process of researching pet insurance companies when I adopted my dog. I already had my cat and I knew I wanted to get pet insurance so I would never second guess taking my pets to the vet if they got sick or hurt. After my extensive research and receiving quotes from most of the pet insurance companies, I ended up going with Figo for my dog and cat. When I signed up, I received 10% in premium reductions from using an affiliate link and having multiple pets. My premiums for my first year:
- 11/2018 - 11/2019 (dog, 11 months): $354.06/year
- 11/2018 - 11/2019 (cat, 3 years): $273.93/year
My Figo plan consists of a $250 deductible, no annual maximum, 100% reimbursement, and coverage of the initial examination fees. I just checked my declarations page for the upcoming year, and was shocked at the increase in my premiums. According to the policy documents, I still receive the 10% reduction for my premiums. With that included for the same plan:
- 11/2019 - 11/2020 (dog, now 1 yr 11 months): $464.53/year
- 11/2019 - 11/2020 (cat, now 4 yrs): $360.19/year
In total, I'll be paying $196.73 more for both pets for the upcoming year. This ends up being an increase of over 25%, just after my first year. Since being on this plan, my dog has begun a regular medication and with the no pre-existing conditions rule for all pet insurance companies, I feel stuck with Figo. This does make me worry about what premiums will be like if I choose to stay with Figo for my pets' lives. Will I see a similar 25% increase every year, meaning i could be paying double what I was originally paying for my policy by year 4?
I'm mostly posting this information to make sure anyone doing research on pet insurance has all of the information. Figo, overall, looks amazing on paper with the type of coverage that they offer. No annual max and 100% reimbursement was a big sell for me and I've recommended Figo pet insurance on countless occasions because of the coverage I received for the amount that I pay. Now, I want to make sure everyone has the full picture. I'm also curious to hear from anyone with a policy from Figo. Did you see this kind of premium increase after year 1 and does this level of increase continue?
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from Pets https://www.reddit.com/r/Pets/comments/dm0q15/figo_increased_my_premium_by_nearly_200_after_my/
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