Fuel “drives” the trucking industry, and truckers are feeling the pinch at the pump now more than ever. In fact, diesel fuel costs have increased nearly 85 cents a gallon in the past year.
A recent survey by commercial auto insurer Progressive found that 69 percent of truckers say fuel costs are their most concerning business expense.
To offset these costs, truckers have tried:
Downsizing staff (16 percent)
Lengthening their workdays (12 percent)
Taking fewer vacation days (8 percent)
But while many truckers are taking serious steps to offset costs, a surprising 41 percent say they’ve done nothing.
“When times are tough, simple things like keeping up with regular vehicle maintenance and shopping around for insurance can save truckers hundreds of dollars,” says Ken Bowman, with Progressive’s commercial lines group.
While insurance is also a concerning business expense, the survey found that truckers don’t shop around for better rates very often:
Nearly half say they haven’t shopped for insurance in over a year; and,
a quarter admit they haven’t shopped in more than three years, if ever.
Bottom line: Regardless of what kind and how many trucks you own or operate, regularly reviewing business expenses like insurance costs can save you money and keep your business moving forward.
The Progressive Group of Insurance Companies, in business since 1937, is the country’s third largest auto insurance group and largest seller of motorcycle and personal watercraft policies based on premiums written, and is a market leader in commercial auto insurance.
Progressive is committed to becoming consumers’ #1 choice for auto insurance by providing competitive rates and products that meet drivers’ needs throughout their lifetimes, superior online and in-person customer service, and best-in-class, 24-hour claims service, including its concierge level of claims service available at service centers located in major metropolitan areas throughout the United States.
Progressive companies offer consumers choices in how to shop for, buy and manage their auto insurance policies. Progressive offers its products, including personal and commercial auto, motorcycle, boat and recreational vehicle insurance, through more than 30,000 independent insurance agencies throughout the U.S. and online and by phone directly from the Company. Private passenger auto products and prices are different when purchased directly from Progressive or through independent agencies. To find an agent or to get a quote, go to www.progressive.com.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, are publicly traded at (NYSE:PGR).
Ken Bowman is available for interview.
Additional data points are available upon request.