Buying the bike outright affects your insurance in that you aren’t required to have full comprehensive coverage as is often required by lien holders. The state required liability is all you’ll need. HOWEVER, I would strongly recommend that you consider your options very carefully before foregoing the full coverage, particularly if you’re a new rider or you think theft/vandalism may be a possibility. I’m not required to have full coverage on my bike or my car, yet I have it on both.
Some other things can affect your rates also, like taking the BRC or MSF, integral anti-theft devices (for comprehensive), being a member of some organizations (not sure which, just saw it online), and what type of riding you tell them you’ll be doing. Also, if you have a car you should pay less for the bike insurance since it will be considered a recreational vehicle (tell them you’re just going to take it out for leisurely Sunday drives).
Also, consider your deductible. You can save money on your rate by having a higher deductible, but it needs to be reasonable for you so consider it carefully. A lower deductible is obviously best, so get it as low as you can. A high deductible with full coverage may render your coverage useless to redeem a loss for damages.
Definitely shop around. I found USAA was cheapest for my car, but they don’t do motorcycles. They “farm” that out to Progressive. I got a good quote from them, but I’ll be shopping around before I lock it in. So try every reputable insurance company you can find, and be somewhat aggressive. I’ve found that insurance companies WILL insure you for less than what they originally quote. It never hurts to ask either. Just ask what you can do to get your rates low, what discounts they offer.
Your quote seems high to me. Granted I’m 28 and don’t have a sport bike, but my first quote was 1/10 of yours. Shop around online or look locally. Insurance companies are everywhere. Just make sure you get one that’ll be there when you need them. One last note, if you can pay your premium for a 6 or 12 month period as opposed to paying monthly, you’ll generally save a buck or two there also.