Figo says it is the only pet insurance company to offer pet cloud technology, which enables owners to have access to pet health records and provides GPS tracking of the pet while the owners are in the office. Its client base, which Figo says is growing quickly, includes both large and medium-size companies.
More than two-thirds of Americans have pets and the fastest growing segment of pet owners is millennials, says Figo.
“Innovative organizations are looking beyond traditional company benefits to recruit these young workers who don’t have kids yet and are passionate pet parents,” the company says. “Pet insurance gives employers a competitive advantage.”
Pet insurance usually covers illness, injury and treatments, although some have age requirements.
Consumer Reports says insurance may not be worth it for routine veterinary visits, but pet owners will probably incur at least one $2,000 to $4,000 bill for emergency care at some point during a pet's lifetime. The research organization recommends looking for free quotes, reading the terms and conditions, and examining a sample policy on the insurer’s website. Consider coverage with simple, percentage-based payouts and no reliance on judgments of what is ‘reasonable’ in order to avoid future headaches.
In addition, find out how much the premiums could increase as the pet ages.