Report it for what reason?
You can log in to your MyVerizon account if you are the account owner and suspend the device. It has been awhile since I have done this, so I am unaware about the monthly fees associated with this. Last I remember, you could only suspend this for a maximum of 90 days.
If you are making monthly payments on the purchase of your device, you are still responsible for these monthly payments. If you want to purchase a new device to replace this device and you want to make monthly payments on it, you would first have to pay off the balance on this lost device.
If you have insurance on your line and would like to file an insurance claim, you can do so at the following.
Hello, Jonnysteele, and thank you for reaching out to us. In most cases, you can resport a Lost/Stolen device through your MyVerizon account and suspending service. You can also reach us at through our Customer Service team at 1-800-922-0204 to place this device ID in our system. They can be reached at 7 days a week from 8:00 AM to Midnight (eastern time). AnthonyM_VZW