Yes. There are various scenarios, however. If the CD came damaged out of the box, you should be able to replace it from the store or company you purchased it from. Check their replacement terms.
If that's not possible, Codemasters' games are covered by a ninety day warranty. As long as you have a proof of purchase and the full packaging for the game, Codemasters will replace faulty media within ninety days of purchase.
If the CD was damaged or scratched by your dog or cat or you rolled over it with your office chair, Codemasters may still be willing to let you exchange it for a fee.
For more information, contact Codemasters.