@Xonatron: Thanks for the video!
I've checked your last run. You did crash only once, but you're also braking way too much, sometimes without any reasons, which make you loose time and have around half the effect of a crash. I've counted: You did at least 6 hard brakes.
You really need to be full-speed almost all the time. Move to the inner part of the turns to be able to drift without loosing speed. When you do need to brake, just release the accelerate button for a fraction of a second. If you see your score bonus sub 50K for more than 2-3 seconds then you're doing it wrong.
About the timer, it was designed this way in Super Hang-On too. You could crash in the first stage and pass the checkpoint, but you will fail the race later even playing perfect after stage 1.
Timings are designed for each race with increasing difficulty, with some stages giving you more time than others - this is to actually let you play the game. If I designed each stage with exact tight timings, you'd be playing all the time only in the first stages, and if I designed the stages with loose timings, you'd complete the whole game in 45 minutes, without any sense of reward / challenge.
@Devilkay: That's why I've implemented both Classic and Super styles