Nowadays, it is relatively common to follow traffic rules, such as wearing a helmet and fastening seat belts, but accidents are increasing daily. Concerned with these traffic safety issues, this study focuses on the psychology of bike riders. First, a brief questionnaire is prepared by filtering some significant traffic safety factors. For effective results and analysis, a questionnaire survey (i.e., interviews) is conducted across different road junctions in Sargodha, Pakistan, with the assistance of traffic police. The data is analyzed through a multiple regression analysis, forming a different model for effective outcomes. A risk compensation hypothesis theory is considered; based on the questionnaire designed and the input received from participants, three models are developed with significant variables. The first two models evaluate the physical impact of helmets on riders/cyclists, while the third observes changes (in terms of obeying traffic laws) in behavior when wearing a helmet. It has been observed that cyclists wearing helmets may follow zigzag patterns while wearing helmets, which may cause accidents. Moreover, it has been observed that cyclists wearing helmets may be more responsible regarding traffic rules. These problems should be considered in creating effective traffic safety campaigns and policy making.