Christina, it depends on the carrier. For instance, I have USAA, and they won't insure a bike unless the rider has had a motorcycle endorsement for a minimum of three years. Statistically, a new rider is more likely to be involved in an incident that will cause damage to the bike, like a crash or a drop.
For a financed bike, the bank will most likely require comprehensive and collision damage coverage to protect the bike as an asset. This will cost more than bargain-basement liability-only insurance.
I did carry insurance for the first few years I rode through a company called Dairyland... just checked, and they're still in business if you want to check them out: