They should also add steering wheel locks when your car is turned off, and you would struggle for a bit, but if you get a sequence of buttons down correctly the character figures out how to unlock it. This would be as real as it gets for some people.
To add to the realism subject, your character should be able to get mild/severe concussions depending on the type of accident it is. If the concussion is so severe they should be hauled away in an ambulance. Upon arriving at the hospital they should give you a diagnosis of the problem. If its not so bad, simple pain killers should work, if its really bad then they should tell you that you'll never race again.. Let alone walk. Fade out to black screen, and "game over" appears.. Thus forcing you to start over from scratch as a different character.
What's the point of airbags?