That's an interesting premise to think about -

Risk would come in the form of a weighted measure of replacement costs + loss of driving capabilities during the race. e.g. Probability of damage given a certain move/overtake, and if damages does occur taking into account the expected loss of driving capability and or cost.

Also interesting would be to see how AI would implicitly have to take into account game theory with many agents - e.g. If the car in front of 'me' has been highly aggressive in terms of defending against overtakes - what would 'my' best course of action be? Should I signal to him that his strategy is not a deterrence to me trying to overtake?