Would I get an iPhone 5 through insurance?

My iPhone 3gs was stolen about 3 months ago. I have been waiting to replace it but my insurance gave me a date that I could replace it on without having to cancel my whole insurance plan out, and it has passed. As you all know, the iPhone 5 has been recently released, and I want to know if I can get the iPhone 5 under the same deductible price of 199$

Nope. You'll get a refurbbed 3.

No, you do not get an upgrade. You will be sent a refurbished iPhone 3gs. If for some reason that was not available they might upgrade to to the next iPhone in line such as the 4 but not the S.

If the insurance upgraded to the latest model they would suddenly find that thousands of people would be losing or dropping their older phones.