Under CIF terms, the beneficiary of the insurance policy will be endorsed to the buyer. Once the claim is successful, the insurance company's foreign currency compensation will be directly deposited into the buyer's designated overseas company or personal account.
No, this is a serious customs violation. Complete vehicles (HS Code 8703) and auto parts (HS Code 8708, etc.) are subject to completely different import tax rates. Combining them on one invoice could lead to the invoice being returned by customs and may expose you to tax fraud accusations at the destination port.
Our shipping quotes are typically valid for only 7 to 14 days. If a CIF contract is signed and there are significant fluctuations in shipping costs due to war surcharges or route changes imposed by the shipping company before the vehicle is actually loaded, we will transparently provide you with the official price increase notice from the shipping company. At that point, we reserve the right to renegotiate the freight difference or allow you to change the trade terms to FOB, letting you designate your own freight forwarder for booking.
