WCI #222: Car insurance: How much do you need?
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.9 • 2.3K Ratings
🗓️ 5 August 2021
⏱️ 40 minutes
🧾️ Download transcript
Summary
Get out your car insurance policy and let's go over it to make sure you have the important things covered. Do you need comprehensive or just collision coverage? How much coverage do you need for bodily injury liability? What options should you pass on? How does your umbrella policy work with you car insurance policy? Most doctors should have an umbrella policy in a seven-figure amount. 80% of umbrella claims are auto-related. To get an umbrella policy you will be required to carry certain limits in car insurance. We dive into all these details in this episode to make certain you are appropriately insured to protect your finances.
Like other episodes, after this deep dive, we answer listener questions about liquidating your brokerage account, HSAs, calculating your net worth as a practice owner, and whether practice owners need disability insurance.
By lowering out-of-pocket medication costs, GoodRx estimates it has helped patients get at least 78 million prescriptions they otherwise may not have been able to afford. Hand out GoodRx savings cards to your patients or recommend the GoodRx app, and you could be saving them up to 80% on prescriptions. Helping patients afford their prescriptions makes it more likely they will adhere to their treatment. GoodRx is accepted at over 70,000 U.S. pharmacy locations, no insurance needed, and all patients have to do is show the card or app to the pharmacist to save. Learn more at https://goodrx.com/WCI
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!
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Transcript
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| 0:00.0 | This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street. |
| 0:06.0 | We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. |
| 0:12.0 | Here's your host, Dr. Jim Dolly. |
| 0:18.0 | This is White Code Investor Podcast number 222. Car insurance, how much do you need? |
| 0:24.0 | Did you know that since 2011, goodRx has helped Americans save approximately 30 billion on the prescription costs? |
| 0:30.0 | That's a lot of money saved. |
| 0:31.0 | The goodRx is about much more than saving people money. |
| 0:34.0 | GoodRx also helps people afford an adhered to the treatment plans their doctors prescribed. |
| 0:38.0 | In fact, by lowering out-of-pocket medication costs, goodRx estimated it as help patients get at least 78 million prescriptions they otherwise may not have been able to afford. |
| 0:47.0 | That increased level of adherence thanks to goodRx leads directly to better health outcomes. |
| 0:51.0 | So recommend goodRx and help your patients save up to 80% of their prescriptions so they can afford, start, and stay on their treatment. |
| 0:57.0 | Learn more at goodRx.com slash WCI. |
| 1:00.0 | All right, welcome back to the podcast. It's July 15th, where I think this runs August 5th. |
| 1:06.0 | And so a little bit of a lag between the two. That's so I have some time to go on a trip. |
| 1:10.0 | I'm excited to go on a rafting trip here between the time we record this and the time it runs. |
| 1:15.0 | Our quote of the day today comes from Tim Ferris. |
| 1:18.0 | He said, retirement is a goal or a final redemption is flawed because it is predicated on the assumption that you dislike what you're doing during the most physically capable years of your life. |
| 1:27.0 | This is a non-starter. Nothing can justify that sacrifice. |
| 1:30.0 | I certainly agree with that. Retirement is a backup plan. If you can't figure out what you want to do, the rest of your life and actually enjoy it. |
| 1:39.0 | All right, so those of you who have been battling the Delta variant lately, thanks for what you're doing out there. The good news is it's not nearly as dangerous. |
| 1:49.0 | It's not nearly as fatal, even though it seems to be more contagious. |
| 1:53.0 | You know, it's interesting. I was looking at a statistic the other day. Every single person admitted in LA County with COVID was unvaccinated. |
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