Most full coverage quotes I got for a busa when I was about 21 were over 5k/year. Liability was 1-2k usually. At 16 I'd be shocked if you can get (afford) any coverage, even on a 600 sport bike.
I'd recommend a mid- to late-90's 600 sport bike. Something like a CBR F3. You'll be able to find one cheap and probably buy it straight out, which means in most states you won't need insurance at all (and in any case, insurance would be much cheaper). The older sport bikes are larger than the compact crotch-rockets of today, so they'll fit your tall frame better.
Like everyone has already said, you won't feel so bad when you drop it, and if you manage not to, you'll be able to get most of your money back out of it.