I use these settings with a PS3 controller and they work well.
Also, it is important to change the steering lock in the car settings before each race. Somewhere around 10 degrees works well for most cars and you can increase it for more sensitivity or decrease it for less. If things are still too sensitive, you can increase the speed sensitive steering
You might need to alter the deadzones to suit your controller too. My analogue stick needs 8 degrees of deadzone otherwise it sometimes registers steering input even if I'm not touching the stick.
What kind of controller do you have? I can share settings to allow you get rumble and also allows you to brake and accelerate at the same time which you can't with default settings due to the way the game treats controllers with analogue triggers.