Shouldn't you be able to walk into a phone store, get a new one and automatically sync all your files, passwords, etc., then pay for the phone using that data?
The worst part is, I know this is a terrible idea, and yet I carry all my eggs in the very same basket.
At least I've had the good sense to leave my physical driver's licence in the car I use 99% of the time after we got a driver's licence app - I can now simply show the police my cellphone with a QR code and a control animation on it, and they can verify my licence class and expiry date on the spot.