There are various different definitions of what a ‘classic car’ is, but what’s generally accepted is that an older car – between twenty and fifty years, would be thought of as classic, any older than that and it slips into the ‘antique’ category. Whilst this is a vague idea of what constitutes ‘classic’, there are differing views the world over.
Concentrating on the UK, again there is no fixed definition of how old a classic car needs to be, but there are some guidelines within the taxation and insurance industries, which can help to clarify the label somewhat. All cars built before January the first 1973 are exempt from paying the annual road tax that most road users are subject to, this is included on the license disc shown on the windscreen of the car to advertise that it is an ‘historic vehicle’ and therefore is not liable for taxation. As far as insurance goes, there are lots of different firms who offer classic car insurance; prices will vary dramatically according to the individual company guidelines and specifications. However, HM Revenue & Customs defines a classic car as being older then fifteen years – for company purposes – and it must have a value of more than £15,000.
A ‘modern classic’ seems to be even harder to pin down, this type of car is generally between the ages of 15 and 25, but is not usually accepted as classic with most automobile clubs – depending on its value. UK insurance brokers find that the definition is open to discretion, and some may provide classic car insurance for a vehicle they consider to be a collectible – regardless of age.
Concentrating on the UK, again there is no fixed definition of how old a classic car needs to be, but there are some guidelines within the taxation and insurance industries, which can help to clarify the label somewhat. All cars built before January the first 1973 are exempt from paying the annual road tax that most road users are subject to, this is included on the license disc shown on the windscreen of the car to advertise that it is an ‘historic vehicle’ and therefore is not liable for taxation. As far as insurance goes, there are lots of different firms who offer classic car insurance; prices will vary dramatically according to the individual company guidelines and specifications. However, HM Revenue & Customs defines a classic car as being older then fifteen years – for company purposes – and it must have a value of more than £15,000.
A ‘modern classic’ seems to be even harder to pin down, this type of car is generally between the ages of 15 and 25, but is not usually accepted as classic with most automobile clubs – depending on its value. UK insurance brokers find that the definition is open to discretion, and some may provide classic car insurance for a vehicle they consider to be a collectible – regardless of age.
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