If you can find a active stock with a brand new device yes, if not, you will calculate the price of the phone (how much is in Vodafone as brand new without subscription) and they will give you that money, or another phone with the same specs, withing the insured money. Read the terms and conditions .

Told you, I got my 250 euro HTC insured by orange, and I even got a better offer for insurance just because I bought it from a orange store and not from e-mag or other competitors. In that 250 euros I got a pre-pay sim with 7 euros, conversion from normal sim to micro sim, original casing, screen protection and 1 yr of reduced insurance fee.

P.S. Even better is to go to a local store and talk about that, they can make you a better offer, just because you make it in that shop and not another