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The first time I hear of a totalled car "through no fault of my own" that was not covered by the driver's-at-fault insurance.

But even ignoring this, the entire initiative is very yucky to me.

What’s the smallest thing I could buy with this type of sponsorship? What about a Honda Fit? How about a new IKEA bookshelf - high value sponsors could get their logos placed nearer to eye-level! I’m imagining an entire house of furniture logo adorned like a NASCAR.
That's actually a better idea than getting a fancy sportscar.

Things like these make sense when they are a novelty (remember that 1M pixels page with each pixel going for $1?).