Guys there is something called 'Un-insured and Under Insured' deductible too. Check if you have sign for this. Hit and Run is a case of Un-Insured, where somone hits you and run away, or you don't know know the person. Under-Insured is when a person doesn't have enough coverage to cover your loss. the best thing is in both cases the deductible is lower which is usually $ 250.
In you case, since this is hit and run, and if you have Un-insured coverage in your insurance, they will pay the cost minus the dedcutible. Make sure you file the poilce report before you call your insurnce.