With the police report in hand, and it showing whose fault the accident was, contact the arrested drivers insurance company and make application for a claim.
Chances are though, that the other person doesn't even have insurance, or a driver's license. Why else would someone hit and then run? To avoid being caught without the license or insurance. If that driver has no insurance, then about the only thing you can do then is file a suit in court for restitution. You might be awarded the costs of repairs, but the defendant may not have the means to pay what is owed to you. Sending that person to jail only compounds your issue.
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