Unfortunately, I lost my phone on Friday. Despite several vehicles and buildings being searched (quite thoroughly), I was still unable to find it. Thankfully, it is still on as of 8:00pm Tuesday night (I had about half-battery when I lost it). I've called it to check, but I had it set to vibrate due to work concerns. Additionally, I believe that the location setting was still set to Emergency-911 only (I never messed with that setting to change it).
Is there a way to physically track where my phone is, currently? It's not a smartphone, just a slightly fancy semi-old flip phone (maybe a year old, or a little over). I don't remember the exact model off the top of my head.
To add to what mortb said, the only way to track a lost phone is to have an app installed PRIOR to it's being lost, and that usually is only available on smartphones. My BlackBerry has BB Protect installed, and I can lock it, and locate it remotely - but only because I have it installed NOW, before I lose it. Most basic phones do not have that capability.
I would suggest logging into MyVerizon - verify that it has not been used to make calls in the days it has been lost, and then activating another phone (if you have a spare or you can borrow one temporarily) so the lost phone becomes inactive. THEN, call CS to report it as lost so no one else can activate and use it.
For your phone, "just a slightly fancy semi-old flip phone", probably not. If you had an android device, you could have tried Plan B to find your phone.