After being the first in the industry to pro-rate 2-year mobile phone contracts, Verizon Wireless now plans to double that fee — BUT only in some cases.

Beginning Nov. 15, Verizon’s early-termination fees jump to $350 for higher-end devices like smartphones, netbooks and other advanced devices. The current rate is half that, at $175. The higher rate kicks in only on customers who sign a new contract.

Verizon still will prorate the contract, subtracting $10 a month (all other phones are prorated $5/month). So, by the end of 23 months, affected users will still need to cough up $120. But by then, you might as well wait a month to leave without paying a penny.

Why is Verizon changing its early termination fee? To make subsidizing these expensive devices worth it to the company.

Interestingly, the new Motorola Droid is $199.99 with a 2-year contract. But without a contract, it sells for $559.99. That means you could save $10 by buying the phone, and then canceling the 2-year contract ($200 + $350 = $550). And since the new fee doesn’t kick in until Nov. 15, that means people who buy a Droid before that date and then cancel service will get it for $375 without a contract! No wonder Verizon upped the fee.

As I’ve mentioned before, anyone can test a Verizon phone for 30 days and then cancel without having to pay any early termination fee. Read my earlier story covering testing policies, I mean, return policies by the major mobile providers: “How any consumer can ‘test’ a cell phone.”

Verizon also adds that if you bring a compatible phone to its network and sign up for service, you don’t have to commit to any long-term contract.

Earlier on cell phone policies: