Yes, as long as it's an amateur race event or session (not professional), but you must upgrade to the appropriate Activity Pack on the final page of the purchase journey.
Activity pack 7 - Race Day or Event – Motorcycles* (an amateur race meeting)
*No Personal Accident or Personal Liability Cover applies to these activity (Track Day, Race Day or Event – Motorcycles). Cover is limited to Europe and Worldwide travel but excluding USA, South America and Canada.