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I thought a standard policy covers you atleast third party wise, it is a public toll road not a racetrack officially. Even if they get difficult about your costs.
However not sure a weekend lapping is within the spirit imagined when writing policy.

I do know things can get rather expensive after crashing in the Eiffel. Armco (three rows high don't forget), closed circuit time costs, vehicle recovery costs and even grass reseeding costs have all been part of the ensuing costs in my experience (but not first hand thankfully).
Additional insurance is therefore worth considering I think.

As to the exhaust falling off, maybe not (seen as "normal" wear and tear I believe). However the Ring Racing workshop (five minutes down the road from Grune Holle) are very good and almost insanely cheap so they will come to your rescue I wouldn't mind betting.
 
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