What does CIF (Cost, Insurance, Freight) mean?

CIF (Cost, Insurance, Freight) is an international trade term where the seller covers the cost of the goods, marine insurance, and freight to the destination port. For vehicle imports from China, CIF = Vehicle Price + Insurance + Shipping Freight to your port. CIF is important because import duties are calculated on the CIF value in most countries. For example, if a car costs $15,000 FOB, shipping is $3,000, and insurance is $200, the CIF value would be $18,200 — and import duty would be calculated on $18,200. DriveSino can provide both FOB and CIF quotes so you have a complete picture of your costs.