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Thanks that's helpful info. If the driver is identified then I'd either look to claim against their insurance, or if not insured then switch the MIB claim to the "uninsured driver" which I think then covers property damage.
Would a compensation claim through the court acknowledge the potential PI/property claim already in motion, and be in addition to this? In my simplistic view there seem to be an overlap of potential coverage for the ultimate damage (my own insurance, driver's potential insurance, MIB, court compensation) and I'm not clear on the hierarchy of where the liability falls first
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Think you're misunderstanding. You can open a claim with the driver's insurance company directly without knowing their name or contact. You just need their policy number and the name of the insurance broker which you can get through the MIB lookup tool. Then just contact the insurance and open up a claim, provide incident details, evidence, witnesses etc and the insurance company will do their job (investigate and find fault).
I was at the raw end of a hit and run recently. Got the plates, ran the check and ended up ringing up the insurance company listed. Unfortunately the policy listed for the car was from a recent previous owner who could provide proof of sale, so it didnt go anywhere – but they were helpful / dilligent.
Based on what you've written the likely charge would be careless driving.
The fail to respond to the request for driver's details (sometimes called failure to nominate) is also a criminal offence.
Only you can decide if those penalties are high/low/about right for the incident you found yourself in. I would be very clear if the Met Police do proceed that you want to seek compensation via the court in the event the individual is found / pleads guilty.