Some bicycle user organisations or racing organisations or triathlon organisations offer bike insurancethat cover you when racing and when you're just "riding around". (At least they do here in Australia) So it may be worth shopping around for your state's bike user organisation and see if they also give you insurance. The user organisations also offer legal advice in the advent of a bicycle related accident.

For home and contents, BF and I had to list our bikes seperatley because any damage done to them anywhere but home wouldn't be covered otherwise.

But if he didn't have any of this then yup he's on his own... Poor guy. I'll be he was glad he was wearing a helmet and I'm bet the SUV driver was glad he wasn't a car!!