I don't have time to read all the replies -- someone may have already said this.

Do not take a settlement from the insurance company. Don't even talk to them at this point. Speak with an attorney ASAP. Since you're in Santa Cruz, I'll recommend Gary Brustin -- http://www.bicyclelawyer.com -- he has an office in Foster City (and also in LA). Gary is a long-time cyclist and supporter of the cycling community. He's even a board member of LAB.