"Accident costs are founded in market values, and comprise public services (police, rescue and treatment), the loss of net productivity, premature deaths, minor and major injuries, and the cost of material damage. Costs are calculated in comparison to number of accidents related to cars/bicycles, and interpolated by the number of km driven/cycled. Accidents entail a cost of Euro 0.022/km for driving and Euro 0.106/km for cycling (COWI and Køpenhavns Kommune, 2009; Transportministeriet, 2010). Even though accidents involving cyclists entail lower material damage costs, overall costs are higher, as cyclists are more exposed and hence affected by accidents. As outlined by Transportministeriet (2013), there remains considerable uncertainty regarding average accident costs for cyclists."
I doubt the cost of treatment is recovered from road insurance policies in Denmark.
(Also NB this is urban driving at 50km/h, the accident cost of extra-urban driving may be higher.)
A study in Copenhagen found that the total cost (personal + to society) of cycling 1km was 8¢, versus 50¢ for driving, or 89¢ for driving at peak times. (That includes 16¢ given back to society in fuel tax.)
The low cycling figure is mostly due to the positive benefit to society of a healthier population (reduced healthcare costs, offset by slightly increased state pension costs when people live longer).
Unfortunately, the paper is a MS Word document: http://dx.doi.org/10.1016/j.ecolecon.2015.03.006 or https://www.researchgate.net/publication/274097090_Transport...