It is the officers word against yours. Get the lawyer.
Yes, if you are "convicted" of racing (6pts) your insurance WILL go up a pretty hefty amount. Six points off your license is half of what you have in the first place. Wreckless driving doesn't make it look any better. Expect a substantial increase per month on your premium. It will not take effect immediately, but when you renew, it will show up then. Sorry to break the news.
Yes, you do have a slight chance to defend yourself. Depends on the judge and the defense you have to put up. Good luck, and make sure you have that lawyer. If not, you'd better be a good talker and have good points to make before the judge.
-Bishop
