Did you shop around for insurance? $100 per month is really high.
In 10 years you would have bought your bike twice.
There was a post recently (maybe you saw it) about what people are paying for insurance.
What you quoted above seems like one of, if not the highest rates.
Are you young with tickets etc?
Yes when there is a loan they usually want it insured so if something happens they get their money.
But if you pay it off at then end of the year are you really going to remove the collision part which is usually the highest part of the bill?
Shop around more. If you can pay it off that should mean you have good credit and that may help lower your rate.