Personally, I feel like we're lucky that insurance companies cover what we do. Just name one other sport that "races" where you can buy insurance for your vehicle? The important things for me are that I (and my crew) are geared up to be personally safe. Then, I make every effort to ensure that my boat is up to the task at hand but if it breaks, I consider getting an insurance payout on anything related to the racing as a bonus.

That said, towing it to and from the event - yeah, I put a good deal of importance on having insurance there.