The crash made headlines, prompting authorities to review bicyclist-safety measures.
The victims were riding their bicycles with friends in Chiang Mai province when a drunken university student ploughed her car into their group at 6 am on May 3. The accident killed three cyclists and and injured two others.
The driver was covered by mandatory car insurance and voluntary car insurance policies from Mittare Insurance Public Company.
The firm has agreed to pay Bt200,000 from the mandatory policy and Bt1million from the voluntary policy.