From what I have heard, and I have not checked this out officially, but if you put your car on a track, you are no longer insured. Insurance only covers the car on public roads as far as I know.
As everyone has probably already thought, the guy in the Z06 should have put it in Competitive mode and kept his active handling on as it would have caught this type of thing and most likely saved the car. Good thing that Camaro is fast.
the gentleman is in his 60 who is racing the car, they have been trying to ban him from the track as he is not listening to the rules and the teck people . He finished driving the car down the track instead of pulling over and stopping , then he wanted to take of the brocken body parts and continue to race the rest of the day . You are also right that at S.I.R. you have no plate insurance on your vehicle when you are racing there.