What should you do if you see a vehicle with its hazard lights on?

When you see a vehicle with its hazard lights on, it indicates that there may be a situation requiring caution.

The first part of the correct answer, reducing your speed, is important because it helps you maintain control of your vehicle and allows you to react appropriately to any unexpected events.

The second part, readying yourself for hazards occurring suddenly, is crucial as there may be obstacles or sudden movements from other vehicles or pedestrians that could pose a danger.

According to German traffic regulations, it's essential to be vigilant in such scenarios to ensure safety for yourself and others on the road. Continuing to drive as before can lead to accidents if a driver misjudges the situation. Thus, both responses are necessary to promote responsible driving.