Good replies so far. In the end, it is a personal decision. But remember that cycling is not just for commuting, it is also for your general health. You have to weigh the accident risk against the health risk. What are you going to replace it with?

buzzman makes a good point about the risks being warped. I rode motorcycles before I came here. Sure enough, every time a motorcyclist was taken out by a cager, the story was posted on the motorcycle forum. There are members all over the country, and in our case, quite a few international cyclists too.

I crashed the motorcycle in November and broke the heck out of my leg. Decided to give it up before I killed myself. It was a logical to me, because the crash was my own fault, and if I were on a bicycle, it wouldn't have happened. However, I might have been hit by a car instead. Cars are safer than either by a huge margin, not only because people are mentally set up to look for cars, but also because of the protective cage. But I think your quality of life will go way down if you walk or drive everywhere. You have to weigh that against the risk of getting hit while biking.

Now forgive me for touching a delicate subject. It may or may not matter, but maybe there is something to be learned. Was your friend wearing a helmet? Did it have any influence over the outcome?

To your point about being the breadwinner and another poster's response, I can confirm that there is more to it than money. If you have great life insurance, your wife & kid will grown up without a husband and father. That is much worse than any lack of money. I have over $300k worth of life insurance, and I used to kid my wife that she will be rich if I bite the dust, but she didn't find it funny at all.

Now that I bike instead of ride motorcycles, I doubt it is any safer. If I crash due to my own fault, I'll probably be better off due to lower speeds, but I'm putting my life in other motorists' hands a lot more often. If I'm driving, I'll die of heart disease from being out of shape.

I think the answer is to cycle carefully, and just as a back-up, make sure you have good life insurance.