I bought insurance for the first trackday that I did, I think it was £55 for the day. The cover wasnt great - huge excess, only about £5,000 worth of cover. Could have paid more for extra cover but the excess (£750 I think) was always large.
I figured that I was only going to have 2 sorts of accident. The first would be a bit of paint-swapping on a corner - the insurance wouldnt cough up for that on account of the large excess. The second was a massive shunt at full chat into a barrier - again, insurance not much use as it would not be enough to replace a written-off car.
So in the light of all that, and having seen how well trackdays are run and how responsibly (as a rule) people tend to drive, Ive never bothered with it since. I probably would though if I could get it as an extension to my normal policy, but paying for it by the day just doesnt seem to be value for money.