What happens if I want to get a new phone but my contract isn't expired?

You’re looking at the right time of year for some great deals. Have you looked to see if you can get a discount on an upgrade? You can buy any phone at any time you want- it’s just a matter of how much off you can get. Also, check e-bay/craigslist for phones that match your carrier if Verizon uses SIM cards.

@gemiwing Verizon doesn’t use sim cards, I would have to activate the phone by calling them.

That stinks. If you have the money then either go to the store or look online at the Verizon site to buy a phone. It will most likely automatically renew your 2 year agreement though.

You could buy a new phone but if you get it from Verizon you will receive no price break that you would if you committed to a new contract.

How recently? I think Verizon gives you 30 days to exchange the phone (this is a vague memory from 2 years ago when I got my phone).

Otherwise you can pay full price for a new phone and if you buy it through Verizon your contract may renew.