Is it permissible to overtake a bicycle despite traffic laws prohibiting it, for fear of causing an accident that leads to human or material losses, or imprisonment?

Adhering to traffic rules is mandatory because they are established to protect lives and property. Violating them harms the driver and others, and increases responsibility and its consequences.

Therefore, one must abide by traffic laws. If you fear harm from a nearby bicycle, you can slow down to let it pass you. If you are compelled to overtake it, there is no harm, provided you ensure the road is clear and your overtaking will not cause other harm.

The Sharia states that it is permissible to commit the lesser of two evils to avert the greater. If the matter revolves around fearing harm from a bicycle and violating traffic rules, and there is no alternative but to commit one of the two evils, then the lesser one should be committed.

The Messenger of Allah (peace and blessings be upon him) said to Aisha (may Allah be pleased with her): "(O Aisha, if your people were not recent converts from Jahiliyyah (ignorance), I would have ordered the Kaaba to be demolished and re-built to include what was excluded from it, and I would have lowered it to the ground and made two doors for it, one eastern and one western, thus reaching the foundation of Ibrahim.)" The Messenger (peace and blessings be upon him) abandoned the benefit of adjusting the Kaaba's structure to avert a greater evil, which was people's aversion to its demolition.

This indicates abandoning what is correct for fear of a greater evil occurring.