I'm 100% it's at least 2 million. Looked up what I paid monthly to insure the M5, it was roughly half the Expedition, and I had $2 million coverage back then. I know my broker recommended I bump it to $3 million the last time we chatted, but I can't recall if I said go ahead or not.
I also have a perfect driving record, hence I get very good rates. From what I recall, the cost to bump from $1 million to $2 million was like $20 or something, and it was highly encouraged by my broker, so I went ahead with it.
Never thought about it that way. Interesting angle there. I do believe some of this stuff is different between the US and Canada though (I'm in Canada).
BTW, I looked up the minimums, it's $500K in Nova Scotia, $200K in every other province (except Quebec). $1 million must have been the minimum my broker would recommend, sorry for the misinformation there.