Generally an incident during any competition or timed event is not covered by your insurance. On-track driving "schools" like Viper Days offer instruction, and insurance companies, while not too happy about it, will usually honor the claim if you were a "student." Drag racing, on the other hand, is clearly a "competitive timed event," so you are on your own. Of course, even if your incident at a driving school gets covered by insurance, that doesn't mean your rates won't rise or your coverage couldn't be dropped. There are no free rides in on-track driving. While your chances of being hit by another car are considerably less than on the street, and driving at speed in a Viper Days or similar event is at least a million times safer than trying the same thing on the street; however, you are putting your car at risk when you take it on-track. If you drive within your abilities, forget about keeping up with the other guy or gal, and concentrate on having fun, you can minimize the risk. If you screw up, you will end up paying for it, one way or another.