There is no set formula that tells you how much money you will receive from your bike accident. Some people believe that there is a formula out there that if you plug the numbers in that's how much your case is worth. But this is simply not the truth. Accident cases are much more complicated than this.
Two of the biggest determinants on how much a bike accident case is worth is who was at fault and how serious is the injury. In many situations there is some argument that is made by the defendant that the cyclist was partially at fault. The other issue is how significant was the injury, how much did the medical expenses cost, how long did it take the cyclist to recover, are they physically or mentally limited now or in the future and will they need future medical care. All of these factors come into play when determining the value of a case.
An experienced lawyer who has settled many cases like this will know how to look at all these factors and they will be able to argue your case with the other insurance company to make sure you get a fair settlement.