zeniceguy, although I do agree that you have 6-7 days to transfer the ownership of a vehicle, I am pretty sure that *most* insurance companies will not automatically insure a new vehicle the minute you get it under one of your existing policies. (i say most because I have never had this feature from the different companies I have been with)
AFAIK, it needs to be called in and give them the information to get a quote, and either by signature or by phone, you can make that policy active which normally starts at midnight, and they'll email you a temporary insurance slip.
Then at that point your bike has insurance and you can then ride it around to get your safety and exchange plates/ownership and whatever.
I didn't get details, but my insurance broker told me that I'm covered on newly acquired vehicles automatically. Hopefully viffer or someone else can give more details.