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Message: <blockquote data-quote="warwickuni" data-source="post: 27179822" data-attributes="member: 101444">Under a lease "absolute owner" is Leasing Co and you are only "registered owner" for the purposes of MTA .You need to change this and become the "owner" (absolute owner is the real owner of your bicycle you are just renting as lessee under a lease agreement . ) So you become owner of the bicycle so that you can sell or rent or even get money in an emergency by (Leaseback) so that you can get money and cycle both on payment of rental again.(this is good if you are in business).Some companies need you to pay one rupee to transfer !! at the end of lease duration.Next you may insure for risks that you want as the owner. Lease companies normally want all risks covered. It is your decision.You may get only third party insurance which is the legal requirement . It is illegal to drive a vehicle on public roads without 3rd party insurance . So get it ASAP irrespective whether you use it or not . The fine for driving a vehicle without 3rd party is more than 3rd party insurance for bikes!! (I do not know present fine but it was always so when it came to third party insurance for bikes)</blockquote>

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