In general, currently employed vehicle classification algorithms based on the magnetic signature can distinguish among only a few vehicle classes. The work presents a new approach to this problem. A set of characteristic parameters measurable from the magnetic signature and limits of their uncertainty intervals are determined independently for each predefined class. The source of information on the vehicle parameters is its magnetic signature measured in a system that enables independent measurement of two signals, i.e. changes in the active and reactive component of the inductive loop impedance caused by a passing vehicle. These innovations result in high selective classification system, which utilizes over a dozen vehicle classes. The evaluation of the proposed approach was carried out for good vehicles consisting of 2-axle tractor and a 3-axle semi-trailer.