Smartphones have become an essential part of our daily lives, serving as our primary communication tool, entertainment center, and personal assistant all in one. But as much as we rely on these devices, the reality is that phones are lost and stolen every day. According to a study by Prey Inc., 70 million smartphones are lost each year, with only 7% ever being recovered.
If you‘re a Verizon Wireless customer, it‘s crucial to familiarize yourself with the carrier‘s lost and stolen phone policy so you know exactly what to do and what to expect if your device goes missing. In this comprehensive guide, we‘ll break down everything you need to know, including how to report your phone, your replacement options, and what you can do to minimize your risk.
Reporting Your Lost or Stolen Phone
The first and most important step when you realize your Verizon device is lost or stolen is to report it immediately. You can contact Verizon‘s customer service through several channels:
- Call (800) 922-0204
- Log into your My Verizon account online and go to Devices > Suspend or Report a Lost/Stolen Device
- Use the Suspend or Report a Lost/Stolen Device feature in the My Verizon app
When you make the report, be prepared to provide the following details:
- The phone number of your missing device
- The device‘s make and model (e.g. Apple iPhone 12)
- The IMEI or MEID number (dial #06# on your phone to retrieve this)
- Circumstances of the loss or theft
- If stolen, whether you have filed a police report
It‘s important to report as soon as possible because once you do, Verizon will suspend service on the device. This prevents the phone from being used and protects you from unauthorized charges. However, keep in mind that suspending service does not automatically lock or erase the device. More on that later.
After you report the phone as lost or stolen, you have 30 days from that date to either:
- Find the original device and have service restored
- Get a replacement device activated on your line
If neither of those things happen within the 30 day window, the line will be disconnected completely and you will lose the phone number associated with it. Additionally, if you were paying for the lost/stolen device on an installment plan, the remaining balance will become due at that time.
Your Replacement Phone Options
So you‘ve reported your device missing to Verizon, but you still need a working phone. What are your options? It depends primarily on whether you have device protection insurance through Verizon or a third-party provider.
If You Have Insurance
All of Verizon‘s device protection plans, including Verizon Protect, Total Mobile Protection, and Wireless Phone Protection, cover lost and stolen devices. Once you‘ve reported the phone missing to Verizon, contact your insurance provider (Verizon or a third-party) to file a claim. You‘ll pay a deductible and receive either a new device or certified pre-owned replacement.
The deductible amount depends on your specific plan and device class:
| Replacement Device | Deductible |
|---|---|
| Entry Level Smartphones | $19 |
| Smartphones and Basic Phones | $129-229 |
| Tablets, Watches, and Basic Devices | $49-199 |
Replacement devices are shipped overnight once the claim is approved. You can also pick up a replacement same-day at select Verizon stores for certain models.
If You Don‘t Have Insurance
If you don‘t have device protection and need to replace a lost or stolen phone, you have a few options but they are more expensive:
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Purchase a new device at full retail price. You can do this online, in a Verizon store, or through telesales.
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Finance a new device through Verizon‘s device payment program. You‘ll pay a portion of the retail price upfront and then monthly payments over 24-30 months. Credit approval is required.
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Purchase a discounted certified pre-owned replacement device, either upfront or via device payments. Selection may be limited.
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Activate another compatible device you already own on the line. The IMEI must be clean (not flagged as lost/stolen) and approved for the Verizon network. A rep can assist you with getting an inactive device set up.
Here‘s an example scenario of the potential costs when replacing a lost phone without insurance:
John purchased a new iPhone 12 Pro Max for $1099 three months ago on a 30-month Verizon device payment agreement of $36.63/mo. This month, the phone was stolen when John left it unattended at a restaurant. Because he did not have device protection insurance, John must pay the remaining $1026.27 balance owed for the stolen phone. He opts to purchase a certified pre-owned iPhone 11 Pro Max as a replacement device for $749 plus a $40 activation fee. This unexpected expense totals $1815.27.
The key takeaway is that having some form of device protection insurance is a smart financial decision, especially if you have a history of phone loss or damage or own an expensive flagship-level device. The small monthly premiums and loss/theft deductible are a bargain compared to the retail price of replacing the latest smartphones out of pocket.
Will a Locked Phone Deter Thieves?
It‘s a common misconception that Verizon or other carriers can "lock" a lost or stolen phone, rendering it completely unusable. In reality, when you report your device to Verizon, they will suspend service on it, which blocks it from making calls, sending texts, or using mobile data on the Verizon network. However, this does not actually lock the device in the way you might think.
A thief can still use the phone to connect to Wi-Fi, access apps and information stored on the device, and even sell it. This is because carrier suspensions only impact the SIM and mobile network connectivity, not the actual phone functionality.
Additionally, skilled criminals have ways of altering a phone‘s IMEI (the unique identifier) to bypass carrier blacklists and reactivate the device on another network. And while Verizon operates on the CDMA standard in the US, many of the world‘s networks are GSM, meaning blacklisted Verizon devices may still find life on international carriers.
The black market for stolen smartphones is a massive global business. Consumer Reports estimates stolen devices generate over $30 billion per year for thieves. So while reporting a phone lost or stolen to Verizon is an essential first step, you shouldn‘t assume this completely deters theft or protects the personal data on your device.
A few more protective measures you can take are:
- Enable Find My Phone so you can remotely locate, lock, or wipe the device
- Set a strong passcode and biometric locks to prevent easy access to your data
- Register your phone‘s IMEI/MEID with your international country‘s blacklist database if traveling abroad
Unique Considerations for Prepaid Customers
Verizon‘s policy for lost and stolen devices is slightly different for its prepaid customers compared to postpaid accounts. The main differences are:
- Prepaid customers must report a lost/stolen phone within 48 hours of the incident to avoid liability for unauthorized charges. Postpaid customers are not liable regardless of when they report.
- Verizon does not automatically suspend service on a lost/stolen prepaid phone. The customer must request the suspension.
- Prepaid customers do not have a 30 day window to replace a lost/stolen device and keep their number. The line is disconnected immediately when reported.
- Prepaid device payment agreements are only offered in 6 or 12 month terms. A lost/stolen device must be paid off in full.
Prepaid customers should review the specific terms of their plan and take extra care to report lost or stolen devices immediately to minimize risk and understand their limited options.
How Other Carriers Handle Missing Phones
While all of the major wireless providers have similar base policies for lost and stolen devices (report ASAP, suspend service, pay off remaining balance), there are a few notable differences between Verizon and its competitors:
- AT&T only gives postpaid customers 21 days to find or replace a lost/stolen phone before the line is disconnected, compared to Verizon‘s 30 days. T-Mobile provides 30 days for consumers and up to 60 days for business accounts.
- Sprint (now part of T-Mobile) offers a "premium" device protection add-on that includes loss and theft coverage with a lower deductible compared to their standard insurance. Verizon only has one deductible schedule.
- All carriers cap your lost/stolen insurance claims at 2-3 per year. Filing too many claims may result in denied coverage.
Ultimately, while some minor differences exist, you‘ll find fairly consistent lost/stolen device policies across Verizon, AT&T, T-Mobile, and other national wireless carriers. The best thing you can do is understand your specific carrier‘s reporting procedures and deadlines and have a backup plan.
Dealing with Identity Theft Concerns
Having your smartphone lost or stolen doesn‘t just put the physical device at risk – it also potentially exposes the treasure trove of personal data, account logins, photos, messages, and other sensitive information we keep on our phones. Identity theft is a very real concern if your missing device ends up in the wrong hands.
If there‘s any chance your personal information was compromised, I recommend taking the following steps to protect yourself:
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Immediately change the passwords for any accounts accessible from your missing phone, especially email, banking, and social media. Use strong, unique passwords for each.
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Contact your financial institutions and place a fraud alert on your credit reports with the three major bureaus (Equifax, Experian, TransUnion). This notifies potential creditors that they should take extra steps to verify your identity before opening new accounts.
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File a report with the FTC at www.identitytheft.gov. This provides an official record and recovery plan in case suspicious activity does occur.
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Consider signing up for an identity theft protection service that monitors your credit and scans for misuse of personal data on an ongoing basis. Many homeowners and renters insurance policies also offer this.
While dealing with the loss of an expensive smartphone is bad enough, cleaning up the mess of identity theft can be even more stressful, time-consuming, and costly. Take precautions now and act quickly if your device does go missing.
Final Thoughts
Losing your phone or having it stolen is certainly a stressful experience, but understanding your carrier‘s policies ahead of time can help minimize the damage. As a Verizon customer, the key points to remember are:
- Report lost/stolen devices ASAP to customer service
- Provide all requested info to speed up suspension of service and prevent unauthorized use
- Get a replacement device activated within 30 days (postpaid) to keep your number
- Expect to pay off remaining balance if device is not recovered
- Have a backup plan (insurance, backup phone) to get reconnected quickly
- Take security precautions to protect your device and personal data
Of course, the best case scenario is preventing loss and theft in the first place. Some sensible measures include always using a passcode lock and enabling Find My Phone, keeping your device close in public, and investing in a good case for protection. It‘s also wise to have insurance coverage for that added peace of mind, especially if you‘re prone to misplacing things or live/work in high crime areas.
While we all hope it never happens to us, the reality is that smartphones go missing every day. Knowing your Verizon lost and stolen phone policy inside and out and having a solid action plan will make resolving the situation as painless as possible. Stay safe out there!
