Iphone 5 costs for upgrade on Verizon plan?

My family is on a basic plan where we share 700 minutes at Verizon. I'm planning to get the 16g iPhone 5 but I'm wondering what the extra costs per month will be. (possible insurance, data, upgrading fees)
I figure I'll wait for the rush to calm down before I get mine.
Any help?

Check it out…

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