If I break my iPhone 4, can I upgrade to an iPhone 5?

I have insurance on it and my carrier is Verizon. My iPhone got washed in the washing machine and I was wondering instead of giving me another iPhone 4, can I pay a little extra (not full upgrade price) for an iPhone 5? Thanks!

Added (1). I've had my iPhone 4 for about 1 year and a half.

I doubt it, but it wouldn't hurt to try.
Did you get your 4 recently? Cause if you got it when it came out (2010), you should be eligible for an upgrade by now.

You may only be able to swing an iPhone 4S instead of a 5. Look at the fine print on your policy. Usually they will only replace it with the same kind of phone unless that phone model isn't available anymore, in which case they give you a "comparable" phone. Although the iPhone 4 is still available new, it's only available in 8GB, but yours probably had more, which means the only "comparable" iPhone now available is an iPhone 4S with the same GB as your old phone (16, 32, or 64).