Whether you have a sailboat, powerboat, wave runner, bass boat, cigarette or jet boat, owning a boat can be one of the thrills of your life. To use a boat with the peace of mind it takes to enjoy it, you’ll want to get boat (or watercraft) insurance.

But do you really know what the policy covers? Progressive Insurance performed a survey of 1000 boaters. The results of the survey indicated that many boaters have misunderstandings about boaters insurance. Here are some areas of confusion boaters have about insurance:

• Many boaters think their homeowner’s policy covers their boat. This usually happens with owners of wave runners, jet skis or what’s called personal watercraft. The fact is that most homeowner’s policies do not cover any type of watercraft, no matter how small.

• Many boaters think they can drive or sail their vessels in any waters and they’re covered. The fact is that some insurers only provide coverage where the boat is most often used. Coverage may be limited to within 100 miles of your home port.

• Many boaters think they pay more for insurance because of hurricanes. The reality is that boat insurance rates are based on the claims filed and paid out in each state. This means that boaters in Michigan will not pay more because of a hurricane in the Gulf of Mexico.

• Many boaters think the rate will be lower because they buy insurance from the same insurance company. Your may receive a premium discount if you have multiple insurance policies with the same carrier. However, that doesn’t impact the rate of the policy. It reduces your overall premium.

With insurance for your boat, as with any other type, shop around for the best deal.

Photo via 1Happysnapper