The collision occurred around 09:50 near the Iceland store on La Rue à Don.
A spokesperson for the Force confirmed that the cyclist and the 79-year-old male driver of the car were both taken to hospital, but that the cyclist sadly passed away “a short time after the collision”.
The spokesperson added: “The family of the cyclist are being supported by specialist Family Liaison Officers and an investigation into the collision has commenced.
“A file will be prepared for the Deputy Viscount and our thoughts are with those involved.”
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