question about verizon mobile protect after getting phone stolen

hello! so i was at a music festival in DC two weeks ago and got my phone stolen on the first day. i put it in lost mode and filed a police report asap and went without a phone until i was back home in NY two days later. my iphone 13 pro max had verizon mobile protect on it but i couldn’t access the verizon account since i needed my phone in order to log in (also I’m not the owner on the account, just an admin).

i bought a new iphone 15 pro max but the guy who helped me didn’t know much about the insurance, so my question is what exactly does the mobile protection help with? am i still able to file a claim? and if so would it help me offset the cost of the new phone? I’m a bit lost so any advice or guidance would be greatly appreciated, thank you in advance!