What does uninsured motor vehicle coverage mean?

It means if you happen to get in a collision accident in which someone hits you and you have their information and everything, but that party doesn't have any type of insurance what so ever. Your deductible is waived.

It does not count towards "hit-and-run"

You must be able to say that you actually saw the other party hit your car and you got some sort of identification toward them. (i.e. Licence plate, drivers licence etc...)