Well in all states it is a crime to be the car that did the hit and run part. :) But if you are the one that got hit, if you have insurance, then your insurance should cover any damages.Hit and run drivers can be found through various means, physical evidence, witness statements, tips.
We just had a police Lt. (Corey Dahelm) killed by a hit and run DUI. They causght him a few blocks away.
Years ago nothing. They never found the person who hit me and left me for dead. Now they do actually put some effort into finding the offenders but it's difficult.
Depends if you are the one doing the hitting, or the running. If you are the one that was hit, definitely file a police report.If you are the one running, just hope there were not any witnesses, as the police will almost undoubtedly be looking for you. It will not look very well on your insurance neither, once you are caught. It will make a difference on your driving record too, as points are accessed for certain illegal/improper activities.
1st of all, wait to tell your insurance because they'll jack our rates (stupid bastards). Also, have the police start a case on this.