{"id":297047,"date":"2025-06-16T12:46:00","date_gmt":"2025-06-16T12:46:00","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/insurance\/how-a-car-becomes-a-classic-and-why-you-need-specialist-insurance-2\/"},"modified":"2025-06-16T12:46:00","modified_gmt":"2025-06-16T12:46:00","slug":"how-a-car-becomes-a-classic-and-why-you-need-specialist-insurance-2","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=297047","title":{"rendered":"How a car becomes a classic and why you need specialist insurance"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<figure class=\"wp-block-post-featured-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1078\" height=\"468\" src=\"https:\/\/www.caleb-roberts.co.uk\/wp-content\/uploads\/2024\/08\/Untitled-design.jpeg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.caleb-roberts.co.uk\/wp-content\/uploads\/2024\/08\/Untitled-design.jpeg 1078w, https:\/\/www.caleb-roberts.co.uk\/wp-content\/uploads\/2024\/08\/Untitled-design-300x130.jpeg 300w, https:\/\/www.caleb-roberts.co.uk\/wp-content\/uploads\/2024\/08\/Untitled-design-1024x445.jpeg 1024w, https:\/\/www.caleb-roberts.co.uk\/wp-content\/uploads\/2024\/08\/Untitled-design-768x333.jpeg 768w\" sizes=\"(max-width: 1078px) 100vw, 1078px\"\/><\/figure>\n<p>Classic car specialists and enthusiasts may debate on what exactly they define as a classic car, but there are \u2018official\u2019 classes for different purposes. The DVLA and HMRC each have their own criteria and guidance around how they would declare a car a collectible.<\/p>\n<p><strong>How a car becomes a classic<\/strong><\/p>\n<p>As mentioned above, there are two official definitions of what makes a car a classic. One is for car tax purposes (DVLA)1and another is used by HMRC<sup>2<\/sup>\u00a0when looking to sell your classic (to calculate tax). As well as this, insurance providers may have their own take when it comes to covering your car.<\/p>\n<p><strong>For the DVLA (vehicle tax), officially known as Vehicle Excise Duty (VED); defines a classic car as:<\/strong><\/p>\n<ul class=\"wp-block-list\">\n<li>Built before 1 January 1983<\/li>\n<li>First registered for car tax before 8 January 1983 (to be used if you don\u2019t know when your vehicle was made).<\/li>\n<\/ul>\n<p>There are limitations though. If you meet the age requirements but use your classic car for trade and\/or business purposes (hire and rewards for example), it will not be exempt from tax.<\/p>\n<p><strong>HMRC define a classic as:<\/strong><\/p>\n<ul class=\"wp-block-list\">\n<li>Aged over 15 years<\/li>\n<li>Worth \u00a315,000 or more<\/li>\n<\/ul>\n<p>Typically, when you come to sell your classic car, it will be exempt from capital gains tax (CGT). As the same with the DVLA, there are limitations. If you\u2019re buying and selling classic cars with the intention of making money (profit), then this would be classed as classic car trading. This means having to pay corporation tax, the amount dependent on the level of profits. This could be 19% or 25%.<\/p>\n<p><strong>Classification types<\/strong><\/p>\n<p>As you\u2019ve read, the DVLA and HMRC have their own broad criteria of what makes a car a classic. Classic car experts have further classified vehicles into sub-categories. These categories can help with valuations and are widely used by insurers<sup>3<\/sup>.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"blob:https:\/\/www.caleb-roberts.co.uk\/06063f25-d69b-4699-9d6d-af6ceee05b39\" alt=\"Image\"\/><\/figure>\n<p>If you have a classic car to insure, call Caleb Roberts on\u00a001547 528028\u00a0to get a quote, we have a number of specialist insurers who will offer terms.\u00a0<\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Classic car specialists and enthusiasts may debate on what exactly they define as a classic car, but there are \u2018official\u2019 classes for different purposes. The DVLA and HMRC each have their own criteria and guidance around how they would declare a car a collectible. How a car becomes a classic As mentioned above, there are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":297048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[94],"tags":[1075,214,11034,17897],"dealstore":[],"offerexpiration":[],"class_list":["post-297047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","tag-car","tag-classic","tag-insurance","tag-specialist"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How a car becomes a classic and why you need specialist insurance - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=297047\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How a car becomes a classic and why you need specialist insurance - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Classic car specialists and enthusiasts may debate on what exactly they define as a classic car, but there are \u2018official\u2019 classes for different purposes. 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