You can kiss that insurance decrease good bye.
My friend got a street racing ticket, and lost his car/license for 30 days, spent 3 days in jail and got dropped from his insurance.
Good luck with this, if nothing else you will learn to keep it at the track.
I've said it before, and I'll say it again...Get a friggin lawyer to ammend it for you.
You may have to go to some sort of driving class, but it will be worth it in order to keep your insurance company from finding out. Also, since it's your first offense, might as well call the prosecutor yourself and try and strike a deal.
Worked for me the first time I got a ticket, but for all the other ones after that, I had to have an attorney ammend them for me.