If you are at fault for the loss, then not having coverage may be some of you smaller worries. Not only may you lose your license, but you can also have wages garnished to repay any claims other insurers pay on your behalf. If you're not at fault, then depending on your state, you may still be barred from collecting.
It is illegal to drive without insurance. You had better hope that no one got hurt. If they did and the police find you, you will be facing jail time. You may even lose your license, it could be forever or it could be for just a small amount of time.