It's a myth that bicycling in large cities is somehow dangerous, or more dangerous than driving. The statistics for bicycle accidents in traffic situations are indeed somewhat higher than for motor vehicle accidents (on a percentage of bicyclists compared with percentage of motorists basis, that is); however, one need consider that a HUGE portion of these accidents involve children, wholly unfamiliar with laws and "etiquette," and utterly inexperienced bicyclists. Experienced cyclists seldom have serious accidents.
Sadly the only part of that that isn't false, it that bicycle accidents are higher than MV accidents on a percent of motorists basis, which is the best case for bikes. If you do it by miles driven then bikes are over twice as dangerous as cars per mile and if you do it by passenger miles, then they are about four times as dangerous.
2008 National Bicycle Accident Statistics
•In 2008, 716 bicyclists were killed in traffic accidents, a slight increase from 2007.
•There was a 21% increase in the number of bicyslists injured in 2008, totaling 52,000.
•Bicyclist deaths in 2008 accounted for 2% of all traffic fatalities during the year.
•Bicyclists accounted for 14% of all non-occupant traffic fatalities in 2008.
•Bicycle rider fatalities occurred more frequently in urban areas (69%), at non-intersection locations (64%), and between 5 and 9 at night (28%).
•The average age of bicyclists killed in traffic accidents in 2008 was 41. The average age for those injured was 31.
Cars and bikes don't mix very well, and when accidents happen, it's the bike rider who suffers, so if you choose to do so, be visible, be predictable, and watch out, your best chance of safety is if you rely on yourself to avoid a potential crash and always assume you are nearly invisible to the motorists.
Arthur