Ditto Ditto Ditto!
Just the other day, a guy I know in town swapped bikes with a buddy and took some girls for rides. Tragically, his buddy wrecked his pretty '03 R1 with the girl on the back. No insurance, no plates, notta. Girl went to the hospital with all kinds of rash and who knows what else. She'll probably sue everyone she can get ahold of, and quite honestly, I hope she does.
The moral? Don't buy a bike you can't afford, let alone one you can't afford insurance on...