I'll just dip in again to correct something else from the queen of inaccuracies:
Sunna ^As has been said people can buy bikes and take to the road with no training or traffic awareness. They are not even insured to compensate those hurt by their actions or to pay for repairs of any damage they cause.
Doesn't seem fair to me. I'm not a great believer in rights with no responsibilities.^
In reality you'll find that the vast majority of cyclists do have insurance. That's because the vast majority of cyclists live in houses and have home insurance which provides third party cover. This insures them for cycling.
The really interesting bit is the standard exclusions on this third party cover exclude driving motor vehicles. This is obviously because the level of claims due to driving motor vehicles is so high that it is not a risk they are prepared to cover. Yet they are quite happy to insure cyclists...
Of course the other misunderstanding is who is insured. Even on the rare occasions when a cyclist causes damage to a car due to their own fault, cyclists are quite small, light and soft and don't do huge amounts of damage. Typically the sort of damage which if it was done by a car, the driver would choose to pay for the repairs in cash rather than risk losing their NCB and excess. I wonder if the same could apply to cyclists even if they didn't have insurance...
I'm not one to suggest that irresponsible cyclists should be able to avoid liability if they damage other people's property, but the lack of insurance is not only inaccurate, it's also an irrelevance. Not only that, but as mentioned before, if a cyclist hits a car it does tend to just be property, if a car hits a cyclist (a far more frequent occurrence) that's not necessarily the case.