There are actually a couple of options that have not been discussed. I believe that Kestrel has a reduced cost program for crash damaged frames. Other manufacturers may as well. Basically, such frames are replaced at cost.
For crashes, you have another option as well. There is an endorsement (typically known as the HO-15) that goes on homeowner's and/or renter's or condo insurance policies. It is also known as a "special form causes of loss for personal property" endorsement.
Basically, these types of property are typically "named perils" (only certain types of losses are covered). Vehicles is one peril and I don't recall it being well defined in most policies. Colliding with another bike and crashing might just apply, as well as (heaven forbid) colliding with a motor vehicle.
With the HO-15 or similar, the form becomes "causes of loss less exclusions"; unless a loss (crashing, etc.) is excluded, then it should be covered. Theoretically you would have coverage if you crashed, hit a tree, etc.
A lot of adjusters and agents don't even know it exists so you may have to push your agent a bit to get them to find it. It may be bundled with a "premium endorsement" or similar, that has a package of desirable coverages. I usually paid about 5% of the total policy for such an endorsement and it was great (and relatively inexpensive) peace of mind.
Now the catch; (1) You will have a deductible (2) It will count as a claim. Add up several and you will likely see your rates go up. You may not even be able to get coverage if your history is bad enough.
Personally, if I were to race crits I would ride inexpensive aluminum frames that are cheap to replace. Chucks Bikes, Ebay, and other places sell very decent frames for as little as a few hundred dollars. (I notice the Leader brand a lot). Bikes Direct also sells very inexpensive full aluminum bikes for amazingly low prices. They go under the names Motobecane, Moser, and others. They seem to get better reviews than you might expect, being noted as the same frame as big names (Fuji, etc.) for about 1/2 the cost.
You can also buy a good condition used frame perhaps, or go with titanium, which is lauded for its durability.