I can see your logic, but won't the insurance company settle your finance - if it wasn't a straight forward loan, then that is usually the way it is done.
If it is a standard loan there should be no problem.
it depends on if the finance was a personal loan or a hire purchase loan - if it was a personal loan there is no problem but if it was a hire purchase type loan then it is attached to the particular item you bought it with and will have to be paid off seeing as the bike it a write off. If it is a special finance deal from the dealer it is more likely to be a hire purchase agreement but they won't necessarily have told you this - it was only when we sold our last car that we found out it was HP and not a personal loan!! You'll have to check the paperwork from the original finance agreement to find out what the situation is.