If i lost my iPhone, what can i do? i still need to pay the plan (digi) for 2 years right? is there any possibility to buy another iphone with cheaper price at least?

the fella didnt off the phone....i call and text and beg him to sell the phone with market price to me but no reply
Do i need to go to lodge a report at police station so that i can go digi centre asking for termination of the contract (with penalty of cos)?