Absolutely. Even if you clear customs through gray channels, local commercial insurance companies will refuse to cover third-party liability insurance due to the vehicle not complying with national traffic laws; additionally, the vehicle will definitely fail the annual safety inspection at the local DMV.

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.

If the buyer's country is under international sanctions, or if the buyer fails to provide a legitimate source of funds leading to the bank returning the payment, all transfer fees and exchange rate losses incurred during this period are to be borne entirely by the buyer.