I wouldn't assume it's as simple as that.
I don't have any direct experience of Italian regulations but in many EU countries e.g Ireland you are limited to (typically) six months use on a foreign reg. vehicle before you are obliged to import/register it locally when you are resident.
Also, based on experience of UK and IRL insurers, insurance cover may be limited to 30day trips in other EU countries.
What's the small print on your Spanish insurance?
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