Neil Liversidge, of West Riding Personal Financial Solutions, is offering the sum in return for information that leads to the conviction of the person responsible for knocking down the fellow biker earlier this month.
The injured man in his 20s needed hospital treatment after being hit on the B1222 near Peckfield, not far from popular biker cafe Squires in Newthorpe, Sherburn in Elmet.
Police said the man had been involved in a collision with a car near the junction with the A63 at around 4.40pm on January 6 - but the driver left the scene without stopping.
Mr Liversidge, 55, said: "I don't know the victim personally, but he's a biker and I'm a biker. I've been going to Squires since I was 17.
"I picked up the incident on Facebook. It obviously really rankles with me because I was the victim of a hit and run myself on Low Road in Hunslet back in 1984.
"A guy knocked me off my bike, I took half my toe off and he just left me. My bike was a right mess."
He said the driver involved in the recent crash had not spared a thought for the biker injured either.
"He could have been dying," Mr Liversidge said. "Stopping to make a phone call to get him the air ambulance or whatever might have made the different between life and death."
North Yorkshire Police is continuing to investigate the hit and run on January 6.
Officers believed the car involved was a silver saloon, possibly a VW or a Skoda.
It is thought to have suffered severe rear bumper damage as a result of the collision.
Any garages, body shops and mechanics that may have repaired a silver car with no rear bumper since then are being asked to come forward.
Mr Liversidge, a former national chairman of the Motorcycle Action Group, said he hopes the reward will be a further incentive.
"Somebody out there has seen this car with a big dent," he said. "Somebody has got to have noticed."
He added: "If the person responsible is reading this, it's very much in their interest to hand themselves in without further delay."
Anyone who witnessed the collision or who believes they may know the vehicle involved can contact North Yorkshire Police via 101, quoting reference NYP-06012019-0320.
Information can be provided anonymously by calling the independent charity Crimestoppers on 0800 555 111.