I just found this out, had to drag the info from a Sprint CS person. Okay, each month we pay the 7 bucks, if our phone is lost or stolen, we pay $100 and get a refurbished phone (just like we had)!!!
All the time I've been paying the $7/mo fee for protection on my phone, NO ONE has ever told me the truth. I think this stinks!!! $7/mo, $100, and get a refurbished phone!!! I could go to e**y and buy a refurbished phone and save money!!!
So, no, you can't just go pay your $100 and get any phone you want.
Correct, If you have insurance you get a refurb of the same device, You will have to pay a deductable of $50 - $100 depending on what phone you have.
Call customer care and let them know about your lost/stolen phone, so they can disable it. If it's not disabled, you could be liable for calls/purchases made on the phone by the person who finds it/thief.