While Costco is known for its exceptional bulk grocery deals and range of branded products, it also partners with several companies to offer branded services that it can't provide itself, like travel services, home improvement, and even life insurance. It also offers pet insurance through Figo at a discounted price.
Business Insider's personal finance team compared Costco pet insurance to the best pet insurance companies and found it to be a great way to access some of the industry's most comprehensive protection at discounted prices.
Pros and Cons
Costco Pet Insurance Pros
- 15% discount on all pet insurance plans from Figo
- Unlimited coverage available
- 24/7 live vet line and coverage for all licensed vets in the US
Costco Pet Insurance Cons
- Claims are not paid directly to vets. So policyholders will have to pay and wait for reimbursement
- 6 month waiting period, all claims in that time will be considered preexisting conditions
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- 15% discount on all pet insurance plans from Figo
- Unlimited coverage available
- 24/7 live vet line and coverage for all licensed vets in the US
- Claims are not paid directly to vets. So policyholders will have to pay and wait for reimbursement
- 6 month waiting period, all claims in that time will be considered preexisting conditions
Compare Costco Pet Insurance
- Offers pet insurance with unlimited coverage
- Offers deductibles of as low as $50 and as high as $1,000 annually
- Company partners with large insurance companies like GEICO
- Rates can be extremely affordable for pets of all breeds
- Coverage is available in all 50 states and Washington, DC
- Alternative and holistic treatments may not be included
- Customer reviews indicate claims processing may take longer
- $12 premiums for basic care
- Add-ons available for other preventative care
- Comprehensive mobile experience for claims and support
- Only available in 37 states and Washington DC
- No 24/7 telehealth line for veterinary advice
Lemonade offers auto, homeowners, renters, pet, and life insurance. It's been around since 2015 and is known for offering some of the lowest rates. Lemonade ranks on J.D. Power's customer satisfaction surveys for renters insurance, however, it doesn't rank for life and homeowners insurance.
Lemonade Pet Insurance- Discounts for bundling policies and having multiple pets
- Starts at $10 a month
- Offers a discount for enrolling in an annual payment plan
- Wellness plans and accident and illness plans available
- Available in all 50 states with comprehensive coverage options
- Coverage available for senior dogs and cats
- Pets have to be at least 8 weeks for coverage
- Does not offer coverage for exotic pets
Spot pet insurance provides comprehensive pet insurance, including an allowance for end-of-life memorials. Some plan upgrades cover dental cleanings and other costly services.
Spot Pet InsuranceCostco Pet Insurance Overview
Costco is not, itself, a pet insurance provider. Instead, it offers its members Figo pet insurance at a discounted rate. Costco Gold Star and Business members can get Figo at a 15% discount, and Executive members also don't have to pay the $15 enrollment fee.
As for the coverage itself, Figo is easily one of the most comprehensive pet insurance providers in the industry. It provides a plan that includes unlimited coverage, which is uncommon among providers, and 100% reimbursement, which is nearly unheard of elsewhere.
Costco Pet Insurance Plans
Pet insurance plans that Costco members can access are exactly the same as plans purchased directly from Figo, just with a Costco-exclusive discount.
Costco pet insurance plans let you choose your deductible, meaning you can pay $100, $250, $500, or $750 upfront before coverage begins. Members also set their coinsurance to determine how much they will pay after their deductible is met and up to the annual maximum. Reimbursement options from the insurance company include 70%, 80%, 90%, and 100%.
It's worth noting that customers who choose 100% reimbursement are ineligible for unlimited coverage and must choose between the $500 or $750 deductible options.
Costco pet insurance can cover a range of situations leading to big vet bills that could otherwise leave you in a pinch. What does pet insurance cover with Figo? A few examples include:
- Accidents and emergencies: Pet insurance from Costco can pay for medical care resulting from an accident, including harmful ingestion, a car wreck, and more.
- Cancer: If your pet is diagnosed with cancer, your pet insurance plan can pay for surgery, chemotherapy, and palliative care.
- Chronic conditions: Pet insurance can also cover chronic conditions, excluding pre-existing conditions. A waiting period may apply, but for the most part, it means conditions known before your coverage starts.
- Common illnesses: Pet insurance can pay for treatments and medications when your pet becomes ill with other common diseases and conditions.
- Hereditary and congenital issues: Costco pet insurance can also cover treatments for health issues your pet inherits.
Figo Pet Insurance also offers pet parents a "Pet Cloud" to track all healthcare information relating to their pet, including vet visits, bills, and claims you filed. The Pet Cloud also offers a service to text a licensed veterinarian 24 hours daily. This can help you get quick and straightforward answers to your pet care questions without taking them to the vet.
What Is Not Covered by Costco Pet Insurance?
Like other pet insurance companies, Costco Pet Insurance by Figo lists items and situations not typically covered, including the following:
- Pre-existing conditions: Figo excludes pre-existing conditions. However, if a specific type of condition were asymptomatic for at least 12 months, it would be considered "cured." As long as they aren't ligament or knee conditions, Figo will cover these conditions.
- Prescription food: Even if a treatment for an illness requires prescription food, you'll have to purchase that yourself.
- Breeding, pregnancy, or giving birth: If your pet experiences pregnancy complications, your pet care plan will not provide any coverage. The same applies to routine pet care resulting from pregnancy. As such, Figo would not be an effective pet insurance company for many professional breeders.
- Cosmetic procedures: Figo does not cover optional cosmetic procedures for pets, including ear trimming, hair dying, or tail docking.
- Experimental procedures: Figo does not cover experimental health care treatments.
- Most parasites: Many parasites are not covered through Figo pet insurance, including fleas, heartworm, and ticks.
- Pet cloning or cloned pets: Customers will not get any coverage for pet cloning procedures. The site suggests cloned pets will not be eligible for coverage.
Additional Coverage Options from Costco Pet Insurance
Figo offers a few different add-on plans you can pay for on top of traditional Costco pet insurance options. These additional coverages can make pet care more affordable throughout the year. In addition, Costco pet insurance riders may promote better routine wellness coverage.
- Veterinary exam fees: This coverage pays for veterinarian exam fees resulting from an accident or illness and prescription food. A maximum benefit of $250 per policy term applies.
- Wellness coverage: Optional wellness coverage can pay for routine veterinarian visits, vaccines, spay or neuter procedures, teeth cleaning, microchipping, specific tests, and deworming.
Costco Pet Insurance Cost
When you purchase Figo pet insurance as a Costco member, you'll qualify for 15% off your premiums.
However, the cost of pet insurance still varies widely based on factors like the type of pet, the age of the pet, the animal's breed, and how much coverage you decide to buy. Additionally, Figo adjusts your premiums every year according to your pet's age, known as "birthday pricing."
To get a better idea of how much Figo pet insurance through Costco costs, we'll look at how much a pet owner living in New York City would pay in pet insurance premiums. We chose New York City for our quotes because it is one of the most expensive places to receive vet care, which insurance premiums will reflect. Your premiums will likely be lower than the prices below.
We acquired the following quotes for a Figo plan (with Costco's discount) without any add-ons and with a $500 deductible, 80% reimbursement, and $10,000 coverage limit:
| Breed | 2-year-old (monthly) | 6-year-old (monthly) |
| French Bulldog | $55.86 | $86.48 |
| Labrador Retriever | $39.15 | $60.61 |
| Golden Retriever | $35.16 | $54.44 |
| German Shepherd | $38.36 | $59.38 |
| Standard Poodle | $29.48 | $45.64 |
| Mixed Medium (21-50 lbs) | $27.46 | $42.50 |
In our quotes, prices for the vet care add-on changed with the breed and age of the dog. However, the wellness package was a fixed $16.50 monthly.
Let's go over premiums for a New York City cat covered under Figo's discounted policy with a $500 deductible, 80% reimbursement, and a $10,000 coverage limit.
| Breed | 2-year-old (monthly) | 6-year-old (monthly) |
| Ragdoll | $17.09 | $24.61 |
| Maine Coon | $17.09 | $24.61 |
| Devon Rex | $17.98 | $25.89 |
| Exotic Shorthair | $17.98 | $25.89 |
| Persian | $17.09 | $24.61 |
| Mixed Breed | $15.59 | $22.45 |
In our quotes, prices for the vet care add-on changed with the breed and age of the cat. However, the wellness package was a fixed $16.50 monthly.
How to Purchase and Manage Your Costco Pet Insurance Policy
To purchase a Figo policy with the Costco discount, you'll need to use a specific quote page you can access through Costco's pet insurance website. You'll need to provide the following information information about your pet when acquiring a quote:
- Pet name
- Cat or dog
- Pet breed
- Pet age
- Pet gender
- ZIP Code
Once you obtain a quote, you can chose one of Figo's pre-made plans or customize your plan, adjusting your deductibles, coinsurance, and annual limits to your needs. You'll have an option to buy Figo's vet fees and wellness add-ons.
How to File a Claim With Costco Pet Insurance
Since Costco offers pet insurance coverage through Figo, all pet insurance claims would go through Figo. Fortunately, Figo provides a guide to filing claims on its website outlining the exact steps you need to take to get reimbursed for covered pet care costs.
The claims process is easiest for members using the Figo Pet Cloud. Users can file claims directly on the Figo app by selecting the "claims" icon and answering several questions. From there, you upload a copy of your pet care invoice showing a $0 balance and wait to get reimbursed.
Typically, you can get medical records submitted to the Pet Cloud by contacting your veterinarian to send the documents to support@figopetinsurance.com.
Before you file a claim, however, you'll want to know exactly how your coverage works. Note that each Costco pet insurance policy includes the following components:
- Annual benefit: the total amount in reimbursement you can receive within a coverage year.
- Deductible: the amount you pay before your plan begins reimbursing for pet care expenses.
- Reimbursement (coinsurance): the percentage Figo will pay after you meet your deductible.
Costco Pet Insurance Customer Service and Claims Experience
To assess customer experience when signing up for Costco's pet insurance deals, we looked at Figo reviews. Reviews of Figo on Trustpilot are generally good, receiving an average of 4.0 stars out of five. Customers reported positive experiences talking to customer services and quick payouts for filed claims.
That said, 19% of customers gave Figo one or two stars. Customers mentioned having problems filing claims and Figo repeatedly asking to refile paperwork. Some pet owners were also disappointed to find that Figo doesn't cover prescription food.
Figo's customer service team makes an effort to respond to all reviews, both positive and negative, within a few days. Many of Figo's responses are copy-and-paste stock message, but when customers have specific issues, Figo will engage with the issue.
Costco Pet Insurance Alternatives
See how Costco pet insurance compares to three alternative options for coverage: Healthy Paws, MetLife, and Nationwide.
Compare Costco Pet Insurance vs. Healthy Paws
Healthy Paws Pet Insurance offers one plan with unlimited coverage. While this plan will cover most of your needs, it falls short in several areas where Costco pet insurance excels. It doesn't have any wellness plans and only offers a maximum of 80% coinsurance.
Healthy Paws lets you take your pet to any licensed veterinarian, and it pays for eligible claims resulting from most accidents and illnesses. Of course, pre-existing conditions would be a natural exception. That said, if your pet was cured of a pre-existing condition and doesn't show symptoms for 180 days, they're no longer considered pre-existing.
Healthy Paws and Figo provide very similar coverage, but the key difference is price. Figo is already slightly cheaper than Healthy Paws, but with the Costco discount, there's not much competition. While Healthy Paws is a solid choice for pet insurance, between Healthy Paws and buying Figo with Costco's discount, Figo is obvious choice.
Read our Healthy Paws pet insurance review.
Compare Costco Pet Insurance vs. MetLife
MetLife Pet Insurance offers impressive coverage for dogs or cats, providing array of coverages such as accidents, illnesses, surgeries, and diagnostic tests. It covers prescription food, which many providers, including Figo, do not offer. It also offers a list of unique services and coverage, like pet boarding if you're hospitalized, advertising fees if your pet is lost, and even grief counseling for the loss of a pet. They'll also cover the cost of your pet, up to $500, if they go missing for over 60 days.
MetLife's coverage levels are also very customizable, offering coinsurance from 70% to 90%, coverage limits from $2,000 to $10,000, and deductibles from $250 to $2,500. Unlike Costco pet insurance, MetLife does not offer an option for unlimited coverage.
MetLife offers a range of insurance plans customers bundle for discounts. However, its coverage can't compete, especially against names like Figo (Costco's pet insurance partner). MetLife is among the few carriers we've seen making it clear plans were not designed with pets in mind but rather the profits of encouraging customers to keep all their pet insurance needs with one carrier.
On paper, MetLife seems like a close contender with Figo. However, MetLife has been widely panned by customers, receiving overwhelmingly negative reviews on customer review sites like the Better Business Bureau and Trustpilot. Customers complained that their claims were regularly denied and multiple system errors that prevented claims from being paid out.
Read our MetLife pet insurance review.
Compare Costco Pet Insurance vs. Nationwide
Despite being one of the more recognizable names, Nationwide offers underwhelming pet insurance, especially compared to Figo. It offers three plans: medical, medical with wellness, and whole pet care. Its medical plans cover accidents and illnesses, while whole pet care also covers congenital and hereditary conditions. It's important to note that the whole pet care plan does not come with wellness care.
Choosing Nationwide means you'll have to accept some trade-offs, sacrificing wellness for congenital condition coverage. You won't have to make those sacrifices with Figo, which allows you to add wellness to its comprehensive plan. That said, Nationwide does provide coverage for exotic pets.
Figo is also cheaper than Nationwide, especially with the additional Costco discount. Nationwide offers a 5% discount for enrolling multiple pets, but so does Figo.
Ultimately, unless you have an exotic pet you want to insure, it's hard to see a reason to choose Nationwide over Figo, especially with the additional 15% discount from Costco.
Read our Nationwide pet insurance review.
Why You Should Trust Us: How We Reviewed Costco Pet Insurance
To write this review of Costco pet insurance, we compared the top pet insurance providers based on available policies and included benefits, exclusions, and coverage limits. We also compared premiums charged for various pet profiles we created with different annual and lifetime coverage limits.
Our review only considered the facts we gathered. We checked companies' websites, review sites like Trustpilot and ConsumerAffairs, and other sources to get a complete perspective. The websites allowed us to compare policy details and fine print. Everything together enables us to rate and compare pet insurance products objectively.
Read the full methodology for how we rate pet insurance.
Costco pet insurance FAQs
No, Costco pet insurance doesn't cover pre-existing conditions. However, curable conditions are no longer considered pre-existing if your pet has been symptom-free for 12 months.
Yes, Costco pet insurance has a one-day waiting period for accidents, a 14-day waiting period for illnesses, and a six-month waiting period for orthopedic conditions.
Yes, Costco pet insurance offers a 5% discount for enrolling multiple pets.
You need a Costco membership to save 15% off pet insurance through Figo. However, you can purchase Figo pet insurance directly without being a Costco member.
