Wow, sorry to hear you were involved in this accident. Their insurance should cover all your bills and give you additional funds for your pain and suffering. There's a lot of good info online about how to negotiate each aspect of this. You will want to keep all receipts, and keep a log or journal of your symptoms, including daily pain levels, missed or rescheduled activities due to pain, trouble sleeping, anxiety with regard to continuing to bike, etc.
When I was researching this last year when I was hit, I found that being hit by a drunk and/or being a pedestrian/cyclist means you will get a much larger settlement. You are very sympathetic to a jury, and the company REALLY wants to avoid a trial, so they will work to settle. They will lowball you and you need to be tough and know what your claim is worth.. or just hire a lawyer and let them handle it (they will generally take 30-40% of the settlement for this).
One thing that stands out to me is that it's odd the driver doesn't have PIP coverage. Is that required in yoru state? Anyways, if they have cut rate insurance, they may have state minimum coverage levels, which will limit the amount of your settlement unless you want to try and collect from the insured, personally.