All registered vehicles are required by law to be insured by mandatory insurance, which is both accident insurance for the driver and owner as well as third-party liability insurance that covers any damage the car causes to third parties. TM Mandatory Insurance covers all damage that can be caused by the car, and accidents that can happen to people. It does not, however, cover damage to the car itself; for that, you need to add Comprehensive Insurance for Motor Vehicles to your Mandatory Insurance.
If you’re planning to drive your own car abroad, you need to apply for a so-called green card, which is an international insurance card that shows that the car’s mandatory insurance is valid in the country you’re planning to drive the car in. The green card is valid within the EEA and other member states of COB.