Victim of a hit and run. What happens now?

I was hit while exiting dodger stadium. The other driver was merging into my lane, and knocked off my driver's side mirror. He rolled down the window and asked what I was doing. Then he sped up in front of me. My passenger wrote down his license plate and car make and model. He was an older man, and perhaps he was confused or something. He didn't stop to trade insurance info with me. He just went off into the freeway.
We called the police and they wrote a report and told us to go to the Central LAPD office to do another report. We gave them the car make and license plate number. He gave us the report number and told us to give it to the insurance company. He also told us if they find the guy they will need us to point him out in a line up. That seems weird to me, but I said okay. He also hinted at us that we shouldn't have reported it because it wasn't major damage. Seems sketchy to me.

Will my insurance cover the damage and will the rates go up even though I'm the victim? Will the cops find him and what will they do to him?

Thanks