First off, congrats.
Even if you are not required, full coverage is a very good idea. I realize its an extra bill, but the chances of you messing up the bike are pretty high. Should that happen, you want to be able to jump on another in a few weeks, not get stuck paying on your for another few years. That and medical insurance is handy too. Hopefully you'll never need it, but you might.
Enjoy your ride, and dont forget to get good gear. MSF is recomended as well