Figo and Lemonade consistently rank among my considerations for the best pet insurance. Both insurers offer thorough coverage at a competitive price. Each has an area where it shines, winning over some pet parents, and some areas where it’s different. My comprehensive comparison details every aspect of these insurance companies to help you choose the best provider for your needs.
  |  | |
|---|---|---|
| Star Rating | 4.9/5.0 | 3.6/5.0 |
| Best | Value | Newcomer |
| Year Founded | 2013 | 2015 (began pet insurance in 2020) |
| Customer Support | Text, Phone, Email, Fax, Live Chat | Phone, Live Chat, Email |
| Underwriters | Independence American Insurance Company, Markel American Insurance Company, Markel Insurance Company | Lemonade Insurance Agency LLC |
| A.M. Best Rating* | A-, A, A | Unrated |
| Demotech Rating* | Not Rated | A |
| Claim Processing Average | 3 Days | 2 Days |
| Reimburse Vets Directly | No | No |
| Payout Limits | $5,000 to Unlimited | $5,000 to $100,000 |
| Deductibles | $100 to $750 | $100 to $500 |
| Reimbursement Rates | 70% to 100% | 70% to 90% |
| One-Time Fees | $15 (not in all states) | No |
| Accident Waiting Period | 1 Days | 2 Days |
| Illness Waiting Period | 14 Days | 14 Days |
| Hip Dysplasia Waiting Period | 6 Months | 14 Days |
| Cruciate Ligament Waiting Period | 6 Months | 6 Months |
| Enrollment Ages | 8 Weeks & Older | 8 Weeks to Breed-Specific Limitations |
| Preventative Plan | Yes | Yes |
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Coverage Comparison
Contents
Figo and Lemonade each offer one accident and illness pet insurance policy. Figo policies are available in all 50 states, and Lemonade policies are available in 37 states and the District of Columbia.
Plans cover new accidents and illnesses, including testing and treatment for the conditions. Both companies cover emergency care, surgery and hospitalization, specialized exams and specialty care, X-rays, blood tests, ultrasounds, CT scans, MRIs, rehabilitation, cancer, chronic conditions, hereditary conditions, congenital conditions, non-routine dental treatment, prescription medications, and more. Neither insurer covers pre-existing conditions, pregnancy, breeding, or unnecessary cosmetic procedures (e.g., tail docking, dew claw removal, ear cropping).
Examples of covered conditions from both providers’ base pet insurance policies include cancer, hip dysplasia, allergies, canine cruciate ligament (CCL) tears, chronic conditions, hereditary conditions, and congenital conditions. However, if symptoms for a condition were present before enrollment or during the insurer’s waiting periods, the condition is not covered and will be excluded from the policy.
Figo has a 1-day waiting period for accidents, while Lemonade’s is 2 days. Both providers have a 14-day waiting period for illnesses and a 6-month waiting period for cruciate ligaments. Figo also has a 6-month waiting period for hip dysplasia and other orthopedic conditions.
Figo has two riders (add-ons) for an additional cost called Powerups, while Lemonade has six riders. Both insurers have a rider for exam fees; Figo’s is called Vet Exam Fees, and Lemonade’s is called Vet Visit Fees. These add-ons cover the cost of exam fees for covered accidents and illnesses. On average, pet owners spend $93 per vet visit on exam fees. Each provider has an optional routine care add-on; Figo’s Powerup is called Wellness, and Lemonade’s is Preventative Care. These riders include routine care coverage like dental cleanings, vaccinations, spay/neuter surgery, heartworm prevention, and more. Additionally, Lemonade offers Physical Therapy, Behavioral Conditions, Dental Illness, and End Of Life & Remembrance riders. Figo covers physical therapy, behavioral conditions, and dental illnesses in its base insurance policy. Lemonade’s End of Life & Remembrance add-on includes coverage for items most providers exclude, such as cremation and memorial items.
Base pet insurance policies from Figo and Lemonade cover non-routine dental treatment and tooth extractions due to accidents. Additionally, Figo covers gum disease and endodontic disease. With Lemonade’s Dental Illness rider, you can get gum and endodontic disease coverage.
Both companies cover curable pre-existing conditions in their base insurance policies. Figo covers curable pre-existing conditions if there are no signs or symptoms within the last year. Lemonade covers curable pre-existing conditions considered cured after one year (chronic and knee-related conditions are exempt from this coverage).
Many pet insurance providers exclude conditions and diseases that affect both sides of the body (bilateral conditions) if the pet has a pre-existing diagnosis for one side of the body. For example, suppose a dog is diagnosed with hip dysplasia on the left side of the body before the policy’s effective date. In that case, most insurers, including Figo and Lemonade, won’t cover the condition if it’s later diagnosed on the right side. This can put a financial strain on pet parents, as surgery for hip dysplasia can cost anywhere from $1,700 to $4,500+, and having a significant vet bill excluded by pet insurance can be difficult for pet owners to cover.
Premiums & Pricing
Insurers determine premiums based on the plan coverage level you select and your pet’s details (age, breed, and location). Figo was typically more expensive than Lemonade in the hundreds of quotes I ran. However, Figo’s base policy is more comprehensive than Lemonade’s, which requires more add-ons for the same coverage. When the riders were added to Lemonade’s policy to make coverage to Figo’s more comparable, premiums were more of a mixed bag, with Figo being cheaper than Lemonade at times. On the other hand, while Lemonade’s policy may require more add-ons for the same coverage as Figo’s, it offers a flexible approach to coverage and pricing.
Figo and Lemonade have annual deductibles. An annual deductible is helpful if your pet encounters multiple accidents or illnesses during the policy period (one year) because you’re responsible for paying the deductible once per policy term.
Figo requires a one-time fee of $15 in some states, and both Figo and Lemonade have a $2 monthly transaction fee. The transaction fee can be waived from both insurers if you opt to pay for the entire year at once.
The table below displays the monthly premiums for Figo and Lemonade based on sample quotes with different reimbursement rates and deductibles. I provided several examples for each pet from each provider to illustrate how pricing can vary depending on the selected plan coverage.
French Bulldog quotes are for a 6-month-old male in the 92121 zip code (San Diego, CA).
Labrador Retriever quotes are for a 2-year-old female in the 14211 zip code (Buffalo, NY).
Golden Retriever quotes are for a 4-year-old male in the 33604 zip code (Tampa, FL).
Ragdoll Cat quotes are for a 5-year-old female in the 78040 zip code (Laredo, TX).
* 90% reimbursement and $500 deductible
** 90% reimbursement and $100 deductible
It’s best to obtain quotes for your dog to compare pet insurance costs. You can use our pet insurance quote form below to request quotes from multiple companies.
Discounts
Canine Journal readers can use this link to get 5% off their Figo policy. Figo also offers 5% off for multiple pets, and for each year you don’t receive a claim payment, your deductible automatically goes down $50.
Lemonade offers 10% off when you bundle with your renters, homeowners, auto, condo, or co-op insurance through them. It also offers 5% off for multiple pets and another 5% off if you pay your premium annually instead of monthly.
Customer Service & Reputation
Customer service and reputation can sometimes be overlooked when you’re presented with an appealing insurance quote. However, they are actually among the most crucial factors to consider. While I hope you never have to file a claim, if the need does arise, I want the process to be as smooth and stress-free as possible for you and your dear pet.
It doesn’t matter how much you pay; if you call a company and never get your questions answered or problems solved, you feel like you’ve wasted your money. Both companies offer multiple support options, including phone, email, and live chat. Figo also has text and fax. A 30-day money-back guarantee is available through both insurers. So, if you find that the plan you chose isn’t working for you, you can cancel and get your money back, as long as you have no reported or paid claims nor benefits used.
I looked through hundreds of Figo and Lemonade customer reviews from the Better Business Bureau (BBB), Yelp, and Trustpilot. Overall, the number of customer reviews and ratings was close, with Figo having a slightly higher average rating per policyholder. Figo is highly responsive on all three platforms, responding to customers and assisting when needed. Lemonade is active with customers on the BBB but not Yelp or Trustpilot.
The most common complaint I read about Figo was regarding unsubstantiated reasoning for denied claims. As for Lemonade, policyholders complained about stringent pre-existing conditions, such as congenital issues being determined pre-existing after all waiting periods have passed and no history is documented in vet notes. Additionally, Lemonade customers complained about no human interaction because the majority of things are done through artificial intelligence (AI).
Claim Processing
The time it takes for an insurer to reimburse claims can impact some pet owners’ decisions. Some cannot wait weeks for reimbursement, while others are fine with waiting a little longer. Figo and Lemonade have some of the fastest claim reimbursement times, with Figo averaging three days and Lemonade two days. Sometimes, Lemonade can reimburse almost instantaneously due to its AI technology.
Both companies require claims to be submitted within 180 days of the accident, illness, or wellness visit. Figo lets you submit claims via the Pet Cloud app, email, or fax, and Lemonade requires its app for all claim submissions. Reimbursement can be made via direct deposit or check through both insurers.
Plan Coverage Options
Figo and Lemonade have many deductible, payout, and reimbursement options to get your desired coverage within your budget. Figo’s deductibles range from $100 to $750, annual payout options are $5,000 to unlimited, and reimbursement rates are 70% to 100%. Figo is one of the only insurance companies to offer 100% reimbursement as an option. Lemonade’s deductible options start at $100 and go up to $500, its annual payouts range from $5,000 to $100,000, and its reimbursement percentages go from 70% to 90%.
Figo offers a higher deductible option to help decrease the monthly premium. It also has unlimited annual payouts for pet owners who want to avoid worrying about reaching a maximum reimbursement limit. However, Lemonade has more annual payout options in general, with its maximum being $100,000, which is much more than most pet parents will encounter in one policy period.
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|---|---|---|
| Deductibles | $100, $250, $500, $750 | $100, $250, $500 |
| Annual Payouts | $5,000, $10,000, Unlimited | $5,000, $10,000, $20,000, $50,000, $100,000 |
| Reimbursement Rates | 70%, 80%, 90%, 100% | 70%, 80%, 90% |
Accident-only pet insurance plans are offered by some insurers and cover conditions associated with sudden physical injuries. These plans include coverage for torn ligaments, broken bones, bite wounds, and other injuries. They are generally more affordable than accident and illness policies. Neither Figo nor Lemonade offers accident-only plans.
Frequently Asked Questions
This Figo and Lemonade FAQ is designed to address common questions. If you don’t find your question, please reach out in the comments.
Is Lemonade Pet Insurance Good?
I’ve read through every U.S. pet insurer’s sample policy and can verify that Lemonade’s aligns with the competition. Lemonade offers coverage for the conditions other insurance companies provide. The biggest concern with Lemonade is that it began selling pet insurance policies in July 2020, so it’s newer to the industry. However, Lemonade began selling other insurance products in 2015, so it wasn’t entirely unfamiliar with the insurance process when it started selling pet insurance.
How Much Is Figo Pet Insurance Per Month?
Like most pet insurers, Figo’s premiums are based on the policy coverage you select and the pet type, breed, gender, age, and location. Figo’s prices have frequently been among the most affordable in the thousands of quotes I’ve run over the past decade. I ran quotes from Pets Best, Fetch, Healthy Paws, Embrace, Figo, Lemonade, Trupanion, ASPCA Pet Health Insurance, Spot, and Nationwide for my 10-year-old Coonhound mix. Figo was the least expensive option and had no coverage restrictions based on my dog’s age. She was uninsurable through Lemonade due to her age. Ultimately, I purchased a policy from Figo out of the 10 pet insurance companies I considered. My monthly premium with Figo is $59.68.
Why Won’t Lemonade Insure My Dog?
Like many insurers, Lemonade has age restrictions for enrollment. You cannot enroll pets younger than 8 weeks old, and the maximum enrollment age varies by breed. In my experience, I could not purchase a pet insurance policy through Lemonade because my Coonhound mix was 10 years old.
My Team’s Experience With Figo & Lemonade
Michelle Schenker, co-founder of Canine Journal and licensed insurance agent, and I each shopped around for our dogs’ best pet insurance policies. Michelle’s mixed-breed dog, Barley, was four years old at the time, and my Coonhound mix, Sally, was 10.
We gathered quotes from the same 10 pet insurance companies and chose our providers based on which company offered the most competitive price and comprehensive coverage. Michelle chose Lemonade, and I chose Figo.
Fortunately, Michelle hasn’t had to file any claims for Barley, but she’s comforted knowing that if something were to happen, he’d be insured through Lemonade. In the first four months of insuring Sally, I filed three claims with Figo, hitting my annual deductible. I’ve been pleased with my experience with Figo. Filing claims is easy, the explanation of benefits is easy to understand, and reimbursement is fast.
Which Is Better For Your Pet?
Figo’s base plan includes many of the items offered by Lemonade through add-ons. When comparing apples-to-apples for coverage and plan limits, I found the pricing to be more similar, so it’s worth getting a quote from each company. Lemonade’s add-on options may play to your advantage if you want to insure your pet but need more flexibility with coverage to help reduce your premium.
Figo doesn’t have age restrictions for some breeds like Lemonade does, so it may be difficult to insure older dogs through Lemonade. However, if you have a puppy or kitty, you can insure them as young as eight weeks old through either provider.
Lemonade’s AI technology can reduce the time you wait for reimbursement to minutes. Both companies have among the fastest claim processing averages, with Lemonade taking two days and Figo taking three days.
The AI technology used by Lemonade can make the customer service experience more challenging than Figo’s. As a whole, Figo has a larger online presence and responds to customers’ outstanding issues and resolves them.
Overall, Figo and Lemonade offer excellent pet insurance coverage. If your dog is older or you want more accessible access to a human, Figo is a better fit. Meanwhile, if you want more cost flexibility or faster claim reimbursement, Lemonade could be the solution for you.
I’ve gone even more in-depth with individual reviews of Figo and Lemonade so you can expand your comparison. You can also read about the best pet insurance, including my top picks and details on the most popular pet insurance companies. So, if you want to know how other providers compare against one another, you may find this review helpful in your pet insurance search.
Methodology
We review each U.S. pet insurance company to provide an unbiased breakdown of providers’ performance in real claim situations. We use a 100-point scale for each pet insurance company to rank them. Our in-depth research includes:
- Coverage & Exclusions (30%) – We scrutinize every policy from top to bottom and read all the fine print, carefully noting each exclusion. We factor in any age restrictions, required add-ons for basic coverage, and whether a company is available nationwide. Insurers with fewer exclusions receive more points in this category than those with less coverage.
- Pricing (15%) – We evaluate pricing by running thousands of sample quotes for dogs and cats of various breeds, sizes, locations, and ages. We analyze which companies charge extra fees and discounts and consider which companies nick and dime pet owners with add-on coverage. Providers with the lowest premiums, fewest extra fees, most discounts, and fewer add-ons receive more points in this category.
- Customer Service & Reputation (12%) – We assess hundreds of customer reviews, scope out the sign-up process, speak with representatives, and factor in company history and years in the pet insurance marketplace to determine the points in this category. Companies with an easy sign-up process, highly rated mobile apps, multiple ways to reach customer service, positive consumer feedback, and a seamless claim filing process score high in this category.
- Financial Strength (10%) – Insurance is only beneficial if you can count on reimbursed claims. Companies with at least five years of nationwide experience and high A.M. Best and Demotech ratings receive high remarks in this category.
- Customization Options (10%) – We consider customizations available to adjust your coverage to fit your budget. Companies with fewer restrictions based on breed, age, location, etc., multiple plan options, and more reimbursement, deductible, and payout options earn the highest scores.
- Waiting Periods (5%) – Providers with the shortest illness and accident waiting periods and fewer additional waiting periods for other conditions merit high remarks.
- Claim Processing (5%) – We share our firsthand experience submitting claims with companies and examine how long it takes to be reimbursed. Insurers with a vet direct pay option and short claim processing averages earn the most points.
- Innovation (3%) – We meet with company representatives to discuss changes related to the industry, their company, and their offerings. Providers offering unique, comprehensive coverage and utilizing advanced technology receive more points.
Unlike many other review sites, we refuse to let pet insurance companies pay for the top spot in our rankings. Companies must earn their position in our comparisons by performing well in the marketplace. We also highlight each company’s pros and cons in light of their competitor’s strengths. In doing so for over a decade, we’ve helped pet parents make more educated decisions among the top pet insurance options. Pet insurance providers read our reviews, regularly check them for accuracy, and value our input to help create positive industry changes and better protect your pets. We only recommend the best of the best because it’s what our readers deserve.
Why Trust Canine Journal?
Canine Journal has been covering the topic of pet insurance since 2012, well before other conglomerates discovered the rising popularity of health care for our pets. Many of our authors have personal experience with pet insurance, including Kimberly Alt, who has been Canine Journal’s go-to writer for pet insurance for over a decade, having written about nearly every possible facet related to pet insurance. Kimberly knows the subject so well that she can answer a breadth and depth of pet insurance questions immediately. And on the rare occasion she doesn’t know the answer off the top of her head, she can find it within minutes due to her extensive list of resources. Kimberly also consulted with Michelle Schenker, Canine Journal’s in-house licensed insurance agent, for additional expertise, to ensure accuracy, and give Canine Journal the authority to write about and assist readers in purchasing insurance policies legally. Kimberly has spent over 100 hours researching Figo and Lemonade, reading every line in their policies, speaking with their operation teams, and gathering quotes to bring you the most accurate information.