If i drop my iPhone 4, how much will it cost for verizon to replace it?

I'm prone to dropping electronic devices, so I was wondering if I drop my iPhone 4, how much will it be to replace it? I don't know anything about contracts and stuff. I just got it for Christmas, and we got a 2 year contract. I don't have the warranty or insurance though. I saw that now the iPhone 5 is out, the 4 is free with a contract… So if my iPhone is completely beyond repair, can't I just get a new one for free? Or what happens when you break a phone?

You pay what the phone actually costs the provider. $400 is roughly the cost. That's why you buy insurance.

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