I would double check with the finance company because I was always told that if you were financed in the state of Virginia, then you needed full coverage. That way if you totaled the bike, the insurance company would still get their money.

I have never seen it written in law or anything, but better safe than sorry. Maybe call the insurance company inquiring like you are looking to buy a bike, but won't be putting it on the street for a year...or something.