What it really costs when you lose your smartphone?

Apple's Iphone 4s (Released on October 11, 2011)

SAN FRANCISCO (MarketWatch) — Say you just lost your wallet with $40 cash in it. You’d feel bad, right? There’s the inconvenience of canceling cards, getting a new driver’s license, etc. But what if you lost your wallet with $900 in cash in it, plus your address book and your bank passwords? That’s what it’s like when you lose your smartphone.

Now that really hurts.

How much does it cost to lose a smartphone? One of our readers found out the hard way. Her iPhone was stolen while she was on public transit. She didn’t have phone insurance, her renter’s insurance didn’t cover the loss and she was told if she canceled her phone contract, she would be liable for a hefty early termination fee. In the end, she paid a small fortune and learned a big lesson.

Some 60 million smartphones and cell phones are lost, stolen or damaged each year, according to Asurion, a provider of cell-phone insurance.

Your total cost will depend on your carrier, what kind of device you have and whether you’re willing to settle for a reconditioned, used device or want a new smartphone.

If you lose your top-of-the-line iPhone, say, and want to replace it with the same device — and you aren’t eligible for an upgrade anytime soon — you could pay as much as $849 for the device alone.

If you lose your top-of-the-line iPhone, say, and want to replace it with the same device — and you aren’t eligible for an upgrade anytime soon — you could pay as much as $849 for the device alone.

Here’s a breakdown, based on the major carriers:

Sprint: If you have insurance through Sprint, you pay the deductible of $100 for smartphones and will receive a replacement phone – probably a used, refurbished phone, not a new one — without having to extend your contract. If you don’t have insurance, you can buy a used device or a new one, and you will not have to purchase a new contract. I found a certified pre-owned Blackberry Curve 3G for $79.99 on the Sprint website.

Insurance offered through Sprint includes a free application with a device locator, data backup and lock-and-wipe capabilities. Sprint’s policy is to not re-activate a phone that has been reported lost or stolen unless they are able to verify proper ownership.

Verizon: With insurance through Verizon, you can pay your deductible of up to $199 and get another smartphone — again, it won’t be a new phone — without having to sign a new contract. If you don’t have insurance and you want to stay under your current contract, you will have to buy a new or refurbished smartphone. Verizon sells refurbished phones for $300 to $500. The company offers a free back-up-assistant app that gives customers access to the contact information stored on their phone. If you have the company’s insurance, you’ll be able to locate your phone on a map, send a phone alarm, remotely lock your phone to secure your data or remotely wipe your contacts out. If you put your phone on the company’s “lost or stolen” list, Verizon won’t activate the phone if someone brings it into a store.

AT&T declined to answer specific questions and referred us to their website. AT&T, on its website, advises customers to report a lost or stolen phone and suspend their service, buy a new device and then reactivate service. Once suspended, your wireless service cannot be used to make or receive calls, forward calls, retrieve voicemail, or access data services. Suspending your wireless service does not release your wireless phone number, and you will be charged the monthly recurring fee while service is in a voluntary suspended status.

I hope this article reminds you on what it feels like when you lose your smartphone. Actually, there are a lot of tips in mind if your smartphone is missing. You can search for it. :)