Sort of. I looked in to it some time ago so things may have changed since then but the basics were that it was a $200 increase to my premium and they would cover up to $10,000 only.

I believe it only covered for non-competative off road events...so in effect trackdays or skidpan sessions only. Any mention of a stop watch, g-meter or running alongside other cars would render it invalid.

The policy did not cover for personal injury (not sure about third party damage, injury or death) however I have since found out that because my various life and medical covers were taken out BEFORE taking up a new hobby involving fast cars they are still valid as they only use the information on the day of taking out the cover.

At the end of the day we all know the risk of driving on track but accidents like this are quite rare and you stand more chance of getting in a bingle on the way home at the end of event.

Its up to you how quickly you drive on track but in my opinion trackdays are not about blistering lap times or driving on the ragged edge...they are about pushing yourself and your car further than you can on the road while staying safe and hopefully learning a bit about your car.
The day I want to chase times and push as hard as my bravery will allow is the day I buy a tow car and a proper race car.