(3) For the purposes of this section
a person shall be deemed not to have ceased to have possession or, as the case
may be, not to have acquired possession of an insured motor vehicle where a
change of possession occurs by way of:
(a) any hiring (not being a hiring
under a hire-purchase agreement) or lending of a motor vehicle for a period
not exceeding three months, or
(b) the passing of the possession of a
motor vehicle to a bailee for the purpose of sale or disposal or for the
purpose of alteration, repair, renovation, garaging, storing or other like
purpose not involving the use of the motor vehicle for the benefit of the
bailee.