Racer5 should have their intro course dates out in the next couple weeks. I took FAST years ago and wasn't super impressed with it, but as I said, it was years ago so stuff likely has changed. Any course/instruction is better than none.
Racer5 is nice because you can work on learning the lines, body position and track fundamentals without worrying about handling too much power. Crashes still happen, but usually way less dramatic than they'd be on a 600cc+ bike.
Racer5 doesn't offer insurance, but there is a price list of the parts break down and a monetary cap. You sign off on the list in the morning and square up the bill if you go down. If you have any specific questions, feel free to ask
