Apple care+ does it cover lost or stolen phone?

Basic AppleCare+ extends the warranty. It does not include lost/stolen insurance. it is a warranty against defects in the manufacture of the phone, and it also provides free technical assistance for 2 years.

There is another offering that DOES include insurance, AppleCare+ with Theft & Loss. This link describes both-->AppleCare+ - iPhone - Apple

In some countries you can buy AppleCare+ Theft and Loss plan.

See this article, and read all the notes at the bottom:

AppleCare+ - iPhone - Apple

Regards

Giulio

That depends on whether you purchased AppleCare+ or AppleCare+ With Theft and Loss.

Read the documentation you received when you purchased it.