The victim, named locally as Peter Smyth, was the driver of a transit van that was involved in a collision with a lorry on the Drumcroon Road shortly before 1.25pm.
The driver of the lorry was not seriously injured.
SDLP Councillor Stephanie Quigley, who knew Mr Smyth, said he lived for his family.
“I was talking to him a few weeks ago on Castlerock beach when he was out walking with his son,” she added.
“Peter was such a lovely genuine person, a real hardworking family man. My thoughts and prayers are with his loving parents James and Eithne, his wife Caroline, his three children and the entire family circle. It is just heartbreaking for children to lose their daddy at such a young age.”
It is understood Mr Smyth worked in a family-run business, Smyth Steel, based in Garvagh.
Ms Quigley said the family are “well known and loved” in the local area.
“I am sure that this tight-knit community will be a great support at this difficult time. I know that their deep Christian faith will be a comfort to them now and in the days that lie ahead,” she added.
Mr Smyth was a member of Coleraine-based Cycling Club, Bann Wheelers.
In a post on Facebook, the club extending its condolences to his grieving family, stating: “He will be very sadly missed, not only by his family and friends, but by all who got to know a genuine and very likeable character. RIP Peter.”
PSNI Inspector Colin Shaw is appealing for anyone who witnessed the collision or anyone who was travelling on the Drumcroon Road and who has dash-cam footage of the collision to contact local officers in Coleraine or the Collision Investigation Unit on 101 quoting reference 595 20/02/19.