Skip to main content
Small dog being examined by veterinarian

Is Pet Insurance Worth the Cost?

At Figo, we hear this question often from prospective pet insurance shoppers. Pet parents take home their new dog or cat and make an inventory of all the purchases and to-do's they need to check off their list. First vet visit, a new dog bed, a trainer. These all are necessities to welcome your new pet. After the dust has settled, many begin to wonder whether pet insurance is a worthy investment. Maybe their first vet bill was a little pricer than expected, or friends and family have suggested they look into a policy just in case.

Whatever the reason, there's one major roadblock. The pet insurance industry can be needlessly complex. We get it! Insurance terms are difficult to understand in the first place, and questions about pre-existing conditions and whether your pet will actually even use a policy are totally valid and common. We all want to feel confident that our purchases are worth the investment, and pet insurance is no different.

How does pet insurance work?

The process is pretty easy. You take your dog to the vet and pay your bill out of pocket at the time of service. Then you submit a claim to get reimbursed for any health problems that are covered under your particular plan. At Figo, you can submit a claim online through our AI claims bot, or via mail, email, or fax. If you have the Pet Cloud app, submitting a claim is as easy as texting a friend!

Like most health insurance plans for humans, pet insurance policies include the following:

  • Deductibles: An annual deductible is the fixed amount per policy period that needs to be met before we would begin to pay benefits for covered claims, at the elected reimbursement amount.
  • Annual or per-incident maximum: The maximum amount that Figo will reimburse you in a period of insurance.
  • Copayments: The amount of the cost of care You are responsible for incurring per Accident, Illness or Injury per Veterinary Provider treating, diagnosing, or performing tests for such Accident, Illness, or Injury.
  • Waiting periods: The time period where policy coverage is restricted.

Is pet insurance important to purchase? 

We think so - here's why: As pet care gets more advanced and more treatment options become available, the financial burden of veterinary procedures increases. We know you’d do anything to keep your pet happy and healthy, and we want you to do so without breaking the bank.

Hello, pet insurance! Pet insurance provides coverage for unexpected injuries, illness, and preventative care. For less than a bag of bully sticks a month, you can be empowered to make care-based, rather than cost-based, pet health care decisions.

What is the cost of pet health insurance?

It's no secret - vet care can be wildly expensive. In a single year, the average cost of pet care can reach over $600 in preventative exams and vaccines alone. Not to mention any unforeseen accidents or injuries on top of that. In fact, up to 65% of pet owners have had to deal with unexpected costs due to a pet-related emergency, and nearly half (47%) of pet owners have gone into debt for their beloved companions. Yikes!

Let's take a look at the prices of some common accidents and illnesses.

Chart showing the average cost of veterinary procedures

Now that you know the cost of some procedures that could be in your pet's future, let's break down the cost of pet insurance overall.

In 2021, the average monthly cost of a pet health insurance policy was $48.78 for dogs and $29.16 for cats. Keep in mind, these costs vary by location and the age of your pet. Older dogs and cats are much more likely to need care, thus insuring them can be more expensive.

You might be thinking - "an extra $50 a month for a plan I won't use? Seems pricey." We totally get the hesitation. Again, we encourage pet parents to consider that the average cost of vet care can be extremely unaffordable. The most common treatments for dogs and cats average around $250. More extensive treatments like chemotherapy can exceed costs of $10,000. Even the most financially savvy pet owner may struggle to afford these unexpected costs.

How does Figo make pet insurance affordable?

Great question! Let's start by saying that we're pet parents ourselves, so we take pride in simplifying the pet insurance process and "flipping the script" on traditional insurance. Figo plans average around $31 a month - or $1.50 a day, below the average cost of pet insurance in the USA.

On top of affordable plans, we've taken the next step to ensure that you pay for what you need, no more, no less. It's why we developed a "pick and pack" system of personalizing your policy. Every pet is unique, so if your budget is slightly lower or higher than average, and you have a general idea of the coverage you need, we make it easy to customize! Plenty of companies lock you into expensive, generic plans that may offer more coverage than you need. Tailored plans give you more control over how you're spending your money, and make sure your pet is protected along the way.

We're also thrilled to be one of the few pet insurance companies that offer up to 100% reimbursement for customers (depending on your plan and reimbursement levels). This can be huge, especially when you're hoping to get money back for particularly expensive procedures.

Ready to customize your own Figo plan? Use the button below to get a quote with us today!


Lizz Caputo is a Content Strategist at Figo, animal enthusiast, and owner of a rescued senior American Bully. Her hobbies include checking out new restaurants in her area, boxing, and petting dogs of all shapes and sizes.

Protect your pet from the unexpected with Figo Pet Insurance, rated “Best Pet Insurance” by Reviews.com since 2017.

samoyed dog standing in the snow

Do you live in an area where you're...

Child and dog sitting on stairs dressed in costumes

Halloween is a time for ghoulish family...

depressed pug with head on pillow

Can dogs suffer from depression? Could...

Small dog chewing on a red toy bone in front of Christmas tree

Recreating the perfect Christmas scene...

Advertisement for pet insurance.

More From Figo Blog
Dog and child dressed for Halloween up on bed

Halloween brings cooler weather, carved...

Woman drinking coffee and holding small cat near

On any given day, between 50 and 70 million...

Woman with dog looking at tablet

Since 2017 Americans have spent between $17...

Kristin Levine with dog

We recently had the opportunity to interview...

Puppy crate training in progress

There are many tools I utilize when training...

man working on laptop in coffee shop with a dog in his lap

September 29th is #NationalCoffeeDay, and we...