The woman tells TMZ ... she was driving down PCH Wednesday and Busey whipped out of a shopping center, slamming into her back bumper. Rather than pulling over, she says Busey fled the scene.

She went into hot pursuit mode, following him on PCH, and that's where the video begins. She screams at him that he rear-ended her, but Busey blows her off and keeps driving.

The woman follows Busey to a parking lot outside a restaurant, where she's just incredulous ... schooling him on the law requiring him to stay put and exchange information.

Busey's response was, to say the least, unsatisfactory. He simply told her, "I'm private."

He does volunteer his insurance carrier is Progressive, but that's about it. Busey drives away as the woman is screaming at him.

Here's the thing. She obviously doesn't have video of the crash, but his reaction is more than telling. Plus, you see the damage on her car and his as well.

Law enforcement tells TMZ ... the woman filed a hit-and-run report and detectives will investigate. BTW, leaving the scene of a car accident that results in property damage or injury is a crime.