Deleting information on iPhone 5s when stolen?

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Though on.

First thing first, make sure to report your phone lost/stolen through your carrier so they can flag it down.
DO NOT REPORT IT TO APPLE!!! THEY CAN'T DO ANYTHING. So save yourself and that poor advisor a headache.

if your believe that your apple id information maybe at risk make sure to change your passwords and contact your debit/credit card company to request they change it.

The last thing you can try doing (which may not help, but is worth a try) is to go on icloud.com
sign into apple id/icloud account and set it up there. It's possible that if some one finds ur phone as soon as it connects to the Internet the phone will go to lost mode and once in lost mode you can track it and in worst case remotely restore it.

And change your password to instagram as well..

Best of luck!