$550 seems little pricey but it's been a few years for me. I used to pay about $275 for an event with tons of lap time. Pretty much wide open in the afternoon to enter and exit the track at will. Some peeps on here would remember the Definitive Driving group.
As for insurance, you have none. ICBC wouldn't touch a claim that was on a closed course. That said, use your head and you'll be fine.
Really excited for you westopher