All vehicles on the road must have an insurance policy that covers which type of risks?

The requirement for all vehicles on the road to have an insurance policy primarily revolves around covering third-party risks. This type of insurance provides financial protection in the event that a driver is responsible for injury or damage to another person or their property while operating their vehicle. It ensures that victims can be compensated for their losses, which not only protects the rights of those affected but also encourages responsible driving behaviors.

While comprehensive insurance, fire and theft coverage, and collision coverage are important aspects of vehicle protection, they are not mandatory for all drivers. Comprehensive risks refer to non-collision damages, while fire and theft focus specifically on those types of losses. Collision risks cover damages to the policyholder's own vehicle during an accident. However, the core requirement across jurisdictions is the provision for third-party liability, ensuring that drivers are accountable for any harm they may cause while driving. This social responsibility aspect forms a crucial part of the legal framework governing road safety and vehicle operation.