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@ojeffcott
Hey Izzy
The fund is called the Motor Insurers Bureau (MIB) which pays out for accidents caused by uninsured drivers or hit and run incidents. The only condition is that you have to inform the police of the accident within 7 days.
From memory, I think that 20% of all insurance premiums is hived off to contribute to this fund. It is a pretty good system but it is a shame that most people dont know about it, and assume that they cant get any compensation when they are involved in a hit and run accident. You should get the full amount for your injury although you dont get the first £300 of any property damage (eg repairs to your bike)
From my experience, I would suggest asking your solicitor for advice on how much the injury is going to be valued at. A determining factor for the value of your injury is how long the symptoms lasts for e.g. if the shoulder/wrist fractures are fully healed in 6 months the claim will be worth much less than if there are long term implications.
For more info, have a look at the website below:
http://www.mib.org.uk/Home/en/default.htm