I'm not sure how the insurance works, all I know is we have no options for insurance while racing up here
You don't need anything to race your car, but if you're going to do any amount of track racing, invest in a new set of tires. You'll enjoy the added grip a set of R-compounds will give you, and you won't destroy your nice street tires after 1-2 track days.
Other advice? If it's your first time, sign up for a performance driving school. BMW's driving schools get excellent reviews.... Driver training is a hella lot of fun, and well worth it.
