About Costco Pet Insurance
Founded in 1983, Costco is greatest recognized for its membership-only big-box retail shops, the place members obtain discounted costs on on a regular basis groceries, clothes and family merchandise. The firm partnered with Figo Pet Insurance in August 2021 to supply its members unique financial savings on pet insurance coverage.
Figo Pet Insurance was based in 2013 and is underwritten by the Independence American Insurance Company (IAIC), which has an A- score from AM* Best. Figo is available nationwide and has reimbursed greater than $79.9 million to pet dad and mom.
*AM Best rankings correct as of July 2023
What Are Costco Pet Insurance’s Plans and Coverage?
We’ve damaged down every of Costco’s base pet insurance coverage beneath. It additionally presents a number of elective “powerups” (or add-ons) for added protection.
Plans
Costco presents three accident-and-illness plans overlaying ailments, accidents and emergencies. The solely distinction between the plans is their annual protection limits, that are as follows:
- Essential: $5,000 annual restrict
- Preferred: $10,000 annual restrict
- Ultimate: Unlimited annual protection
Each plan covers diagnostic testing, hospitalization, surgical procedures, prosthetics, prescription medicines, emergency care, rehabilitation and various therapies in case your pet will get sick or injured. Costco’s accident-and-illness coverage additionally covers veterinary care associated to the next situations:
- Accidental accidents (resembling damaged bones, chunk wounds and swallowed objects)
- General sicknesses (resembling infections, diarrhea and cough)
- Serious sicknesses (resembling most cancers and diabetes)
- Hereditary and congenital situations (resembling hip dysplasia, respiratory defects and diabetes)
- Chronic situations (resembling allergic reactions, arthritis and seizures)
- Orthopedic situations (resembling a cruciate ligament tear)
Powerups
Costco presents three elective add-on packages known as “powerups.” You can tack these on to your base coverage for a further month-to-month charge.
- Extra care pack: This add-on covers the prices of particular circumstances resembling cremation and burial, misplaced pet promoting and rewards, trip cancellation for a pet emergency, pet theft, boarding charges and as much as $10,000 for harm your pet causes.
- Veterinary exams: This add-on covers examination charges associated to diagnosing your pet with a lined sickness or damage and the required remedies. It doesn’t cowl vet exams associated to preventive care.
- Wellness: This powerup covers your pet’s preventive care, together with vaccinations, spay/neuter surgical procedure, blood work, and flea/tick/heartworm prevention. It’s provided at two ranges: The Basic degree covers as much as $135 yearly and the Premium degree covers as much as $250 yearly.
Costco’s Exclusions
Like all pet insurance coverage suppliers, Costco doesn’t cowl pre-existing situations. Pre-existing situations confer with any situation your pet confirmed signs for or was recognized with earlier than your protection started. This consists of any damage or sickness that occurred throughout your coverage’s ready interval, or the time period you have to wait after enrolling in a plan earlier than protection begins. Costco’s ready interval is someday for accidents and 14 days for sicknesses, which is customary throughout the trade.
Costco Pet Insurance additionally excludes the next companies from protection:
- Breeding/being pregnant associated prices
- Cosmetic surgical procedure
- Cloning procedures
- Elective surgical procedure
- Experimental procedures
- Preventive dental care
- Preventive care (until you buy the Wellness powerup)
- Prescription meals (until you buy the Veterinary Exam Fee powerup)
Costco’s Plan Customizations
Here are the customization choices Costco presents with its plans.
- Deductibles: Costco’s annual deductibles fluctuate relying in your pet’s age on the time of enrollment. These are the choices:
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- Pets 5 years old and younger: $100, $250, $500, $75
- Pets between 6 and 9 years old: $250, $500, $750, $1,000
- Pets 10 years and older: $500, $750, $1,000, $1,500
- Annual limits: $5,000, $10,000, limitless
- Reimbursement charges: 70%, 80%, 90%, 100%
What Are Costco’s Premiums?
Costco’s month-to-month premiums depend upon a number of components, together with the annual restrict, deductible and reimbursement fee you choose. Your location and different particulars, resembling your pet’s species, age, gender and breed, additionally have an effect on your premium.
To get an concept of Costco’s common month-to-month pricing, we compiled quotes for numerous cat and canine breeds in Raleigh, N.C., utilizing a $250 deductible, 80% reimbursement fee and $5,000 annual protection restrict.
Discounts
Costco presents a 15% low cost to its Gold Star and Business Members on their pet insurance coverage plan. Executive and Business Executive Members obtain 15% off, and the $15 coverage enrollment charge is waived.
What Do Customers Say About Costco Pet Insurance?
Though there aren’t any direct evaluations of Costco’s pet insurance coverage choices, we reviewed and analyzed greater than 100 buyer evaluations for Figo. Many policyholders raved about Figo’s simple and environment friendly claims course of and compassionate customer support representatives. However, some clients referenced random worth hikes, sluggish reimbursements and unfairly denied claims. We contacted Figo to touch upon the adverse evaluations however didn’t obtain a response.
Read a sampling of Figo buyer evaluations from Yelp and Trustpilot:
“I have been very pleased with Figo pet insurance. I chose them after considering Embrace, Trupanion, MetLife, etc. I am so glad that I did. I find the app very easy to navigate and claims easy to submit. My pup has been a sickly fellow and Figo has been a lifesaver, literally. I highly recommend this company!” —Karen Ok., Yelp
“We love Figo! I have only had the best interactions with their employees. Every single person has been so kind and helpful. Our claims have been processed quickly and anytime I have a question they are quick to respond.” —M.W., Yelp
“We had Figo pet insurance for our older dog for the last three years of her life. When she needed to be hospitalized and have extensive testing and treatment it was a big relief knowing that a portion of the final cost (over $11,000) would be covered. Filing the claim was easy and it was processed and paid within a week and a half. They paid exactly what the policy said they should. I’m dropping one star because the annual price increases meant I had to adjust the coverage options each year. I also wish that the surcharge to cover exam fees wasn’t quite as high.” —Frank M., Yelp
“I think Figo can be great! They started off amazing but when it came time to make a claim I was very disappointed. My dog got really sick and was in and out of the hospital for 3 days. Come to find out he had an allergic reaction to something but the symptoms he was showing were vomiting, lethargy, and not eating. Since I had said at one vet appointment less than a year previous that he had vomited, it was considered a pre-existing condition, so it was not covered to the full amount. I used to work as a vet assistant and almost any condition a dog ends up with, the symptoms are vomiting, diarrhea and not eating. So to say that he had vomited once before that had nothing to do with an allergic reaction and it be considered pre-existing was crazy to me. Other than that, the insurance for my cat has been great. Hope it continues to get better.” —Anonymous buyer, Trustpilot
How Does Costco Compare to The Competition?
See how Costco Pet Insurance compares to different prime suppliers within the desk beneath.
The Bottom Line: Is Costco Pet Insurance Worth It?
Costco Pet Insurance — provided by Figo — is price contemplating, particularly if you happen to’re a Costco member. It presents quite a few customization choices, together with limitless annual protection and a 100% reimbursement fee. Figo’s Pet Cloud app makes submitting claims, managing your coverage and speaking with different native pet dad and mom simple. However, it varies deductibles primarily based in your pet’s age and has a protracted sickness ready interval.
If you’re searching for decrease month-to-month premiums, think about Lemonade or Spot. We advocate evaluating charges and protection from no less than three suppliers earlier than deciding.
