If you have 'home country' insurance issued within the EU it usually covers you for the minimum legal insurance in all member states - but check your own policy.
The usual Certificate of Insurance has a mulitlingual wording on the reverse to this effect, that would be accepted by all EU Police as proof of legal minimum insurance.
A green card is not so common or necessary for that purpose within the EU these days. Getting one is usually to extend the original fullest cover (ie comprehensive, theft etc sooner than the minimum) to the countries notified thereon - and paid for!
Going outside the EU it would be necessary. Note that Russia only accepts Insurance issued or endorsed by a Russian Insurance Company irrespective of Green Cards - obtainable at borders prior to entry (3 months bike, minimum legal cost £32). Possibly other countries follow this protectionist trade policy!
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