Unfortunately, there's no hard and fast rule about when a car becomes a classic - but the Mk2 MX-5 is well on the way there. While it might not have the classic looks of the Mk1 with its pop-up headlights, the Mk2 was still a fabulous car to drive. Many specialists already regard it as an historic vehicle and will offer a classic insurance policy. Is it cheaper? Sometimes. There are a few key differences between a classic insurance policy and a regular insurance policy. First of all, a classic policy assumes that as your pride and joy a car will be used sparingly - so you may find yourself limited on mileage and required to have use of another car. The second big difference is that a classic policy allows you to have an 'agreed value' for the car as opposed to market value.