what kind of racing are you talking about?
I road raced for 20+ years & have been taken out & vice versa with no one ever said they would pay for damage.
I would always go over to the other guy if it was my fault.
I did not go over if I was taken out, I would cool down first, & take it out on track if warrented.
I have offered to help work on the Guys car though, & I have repaired cars that I have co driven & crashed.
I took out a guy at Lowes once & we were at the corner worker station with a local yellow , he was HOT & was really screaming at me , I was yelling back trying to admit it was my fault. The look on his face when he realized what I was saying= priceless. he said he never had anyone admit a mistake.
But under most circumstances it comes under the catch all:
That's Racing!
there is danger in ANY form of racing & you need to be prepared for the worst, I saw a guy take out 3 cars at an autocross in a parking lot once almost killing my wife. & that was an event with a top speed of 60! SH@t happens, its not if, but when. Hitting a patch of anti freeze or oil & your along for the ride.