Motorcycle was stolen and still own $5K for it?

Our motorcylce was stolen yesterday out of our driveway and we didn't have insurance because it was broken down. We got the bike on a Triumph credit card which is financed though GE Money. Is there any way out of paying the rest of the amount owed since we don't have the property anymore?? A police report was filed, but they will just enter it in their computer and that will be the end of it. I thought about just not making the payments and letting my credit go bad, but I'm not sure that's what I want to do. Will homeowners insurance cover it if it was stolen off of the homes property? I really hate paying $200 a month for something we no longer have. Any advice?