Wagmo Pet Insurance Review 2022 – Investopedia

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Pros Explained

  • Wellness plans sold separately: Wagmo was created to provide wellness coverage, not insurance, and it sells plans covering preventive care as standalone offerings.
  • Easy claims procedure: Wellness claims are easily submitted by logging in to the customer dashboard. Invoices with an itemized list of procedures as well as the pet’s medical history will need to be uploaded. Reimbursements will be made via Venmo, PayPal, or direct bank transfer.
  • No upper age limit for coverage: There is no upper age limit for pets to be covered by Wagmo.

Cons Explained

  • Insurance plans not available in all states: Wagmo does not offer insurance coverage in Alaska, Florida, Kentucky, Minnesota, Rhode Island, or any US territories.
  • Lifetime payout limit: There is a lifetime payout limit of $100,000 per pet; some pet insurers have no lifetime limits.
  • Does not cover rehabilitative, holistic, or alternative care: Wagmo does not cover any therapies that it classifies as holistic or alternative. Rehabilitation services are not covered. 

Introduction

Wagmo offers pet insurance and pet wellness plans. The most notable feature of Wagmo is that the wellness plans may be purchased alone, without the requirement to also purchase an accident and illness plan.


Company Overview

Wagmo is a woman-founded and woman-led pet health coverage company with the goal of providing wellness and preventative coverage for cats and dogs. Founded in 2018, Wagmo is known for its standalone wellness plans but has since added an insurance option to its coverage that includes accidents and illnesses. 

Pet insurance and pet wellness plans may be purchased online. Wellness plans are available in D.C. and all 50 states except for Rhode Island; accident/illness insurance is available in D.C. and every state except Rhode Island, Alaska, Florida, Kentucky, and Minnesota.


Available Plans

Wagmo offers two types of plans: wellness and accident/illness. The wellness plan, called Wagmo Wellness, is available in three levels, and each level comes with a different premium, annual limit and set of covered treatments. All three levels cover routine and preventative care, such as vaccines and routine exam fees; additional coverage for flea and heartworm prevention, as well as grooming and dental care, are covered in the higher options.

There is one accident/illness plan, with several deductible and reimbursement options, but the same types of treatments are covered in each case.

Covered Treatment  Wellness Plans  Accident/Illness Plans 
Virtual vet visit
Exam fees  ✓  ✓ 
Wellness exam fees  ✓   
Diagnostics/tests  ✓ (in some cases) ✓ 
Bilateral conditions    ✓ (in some cases)
Genetic conditions    ✓ 
Surgery    ✓ 
Prescription medication  ✓ (in some cases)  ✓ (in some cases) 
Prescribed behavioral treatments    ✓ 
Dental illness    ✓ 
Routine dental care   
Heartworm/flea/tick medication  ✓   
Vaccinations  ✓   

Wagmo can provide good coverage with its standalone wellness plan. If you’re not a fan of the accident/illness policy, consider pairing Wagmo’s wellness plan with an accident/illness policy from a different insurer—see the best pet insurance companies for more options.

Available Riders/Add-Ons

There are no riders or add-ons in addition to Wagmo’s wellness and accident/illness plans.

Waiting Periods

Like most pet health insurance plans, Wagmo has a waiting period for its accident and illness coverage. The waiting period is 15 days for most coverage, and 30 days for cancer treatments. However, there is no waiting period for wellness plans—your pet is covered immediately upon enrollment.

Cancellation Policy

Wagmo’s accident/illness and wellness policies may be canceled at any time by notifying the company in writing at [email protected] When canceling the accident/illness plan, the company states “you may be entitled to a premium refund which is less than pro-rated.”

For the wellness plans, canceling is a bit more complicated. You may cancel at any time, but there may be payments due upon cancellation. In the event that you have been reimbursed for claims and then cancel, you will likely owe the company. If the cancellation occurs prior to the end of the term of your plan, if the total value of your reimbursement that year exceeds the sum of monthly installments collected, you will have to either pay the company the full retail costs of the claimed services or pay the rest of the year’s monthly payments.


Plan Exclusions

Wagmo’s accident and illness plans don’t cover routine preventative treatments. Some other situations not covered by any of Wagmo’s plans include:

  • Pre-existing conditions
  • Bilateral conditions (depending on age and health of the pet)
  • Prescription food
  • Vitamins and supplements
  • Spaying/neutering
  • Boarding
  • Rehabilitation/alternative care
  • Dental surgeries
  • Biohazard fees
  • Training/obedience class
  • Cosmetic surgeries (ear cropping, tail docking, declawing)
  • Breeding, pregnancy, or birth expenses

Pre-Existing Conditions

Like most pet insurance plans, Wagmo does not cover pre-existing conditions. Wagmo defines a pre-existing condition as “a medical condition that first occurred or showed clinical signs before the effective date of this policy” or “during the waiting period.” 


Plan Pricing

Wagmo’s Wellness plans are available in three tiers at set prices. The higher-priced packages include more covered services.

Wagmo


Wagmo offers only one accident/illness insurance plan, but you may select from three deductible options: $250, $500, or $1,000. You can choose reimbursement levels of 90% or 100%, but keep in mind that lower deductibles and higher reimbursement rates will increase your monthly premium.

Some factors that determine the monthly premium you will pay include the age and health of the pet as well as geographical region, but Wagmo has plans as low as $13 per month. Quotes for your specific pet may be easily obtained online and are valid for 30 days.

Wagmo has an enrollment fee based on your state and county residence, but it’s typically between $10 and $25 (according to a customer support agent). There is no monthly service fee.

Wagmo offers a 10% multi-pet discount, an annual renewal discount of 15% for wellness plans, and a 15% discount on insurance plans if no claims are filed in the previous year.


Claims

In order to make an insurance claim, you must visit a licensed veterinarian within 48 hours of the accident or illness and then submit your claim within 90 days. Claims may be submitted online. 

The company claims to provide the fastest reimbursement in the industry, and will reimburse wellness claims in 24 hours, but does allow 15 days for accident and illness claims. Reimbursement can be paid via Venmo, PayPal, or bank transfer.


Customer Service

If in need of customer service, customers may reach Wagmo through:


Company hours of operation are Monday through Friday from 9 a.m. to 6 p.m., and Saturday from 11 a.m. to 7 p.m. EST.

Third-Party Ratings

Wagmo’s insurance plans are underwritten by the National Speciality Insurance Company. AM Best, a credit rating agency, gives this company an A (Excellent) rating for financial strength. It was also given an A+ for Long Term Issuer Credit Rating. This means that AM Best feels the underwriting company has a “superior ability to meet their ongoing insurance obligations.”


Alternative Choices

Wagmo is a great choice if you have a healthy pet and you wish to provide coverage for wellness and preventative care. Adding on the accident and injury insurance may bring additional peace of mind.

To compare any kind of pet healthcare coverage, look into the covered and excluded treatments, along with any available riders. Be sure to understand the waiting periods. Look for monthly fees and enrollment fees, and ask about any discounts that may apply to you. 

When considering insurance, note the options for deductibles, annual limits, and reimbursement percentages.


Competition

  Wagmo Healthy Paws  Toto 
Annual Deductible Options $250, $500, $1,000 $100, $250, $500  $100, $250, $500 
Reimbursement Percentage  90%, 100%  70%, 80%, 90% 70%, 80%, 90% 
Average Claim Turnaround Time  7 days  10 days 3–5 days
Illness Waiting Period  15 days  15 days  14 days 
Injury Waiting Period  15 days  15 days  2 days 
Exam Coverage  Yes  Yes  Yes 
Dental Illness Coverage  Yes  No  No 
Max Enrollment Age Limit  None  14 years  None 


Final Verdict

Wagmo truly shines in the area of pet wellness. Few companies offer standalone wellness plans, and often the only choice is tied to certain pet hospitals. With Wagmo, you may use any veterinarian you wish for wellness coverage and the plans are available in all 50 states.

Wagmo also offers a fairly comprehensive and easy-to-understand accident and illness plan that can be purchased to increase your pet’s coverage. Unfortunately, this plan isn’t available nationwide and does not cover rehabilitation or alternative care.


Our Methodology: How We Review Pet Insurance Carriers

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of pet insurance companies. We rated 25 providers and collected over 2,000 data points, including information about plan options, company features, and fees and limits, to ensure that our reviews help users make informed decisions for their pet insurance needs.

Our full pet insurance methodology, including our data collection process and weighted data points, is available for review.

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