I was confused about this for a long time. In the UK liability coverage seems to be intended to pay for the harm, so my last UK insurance had 12M GBP of cover if I remember correctly (and after that limits were removed I believe). In the US it is intended to cover your net worth so if you are sued you don't lose anything so when I first moved here and opted for $1Mn they told me I was over insured.

I’m unsure if anyone in the US actually has policies that go so low either.

The minimums might get thrown around a lot to convince you to help sell you under-insured insurance coverage.

But you always do need to worry about completely uninsured motorists.

Depending on your province, it’s gotten a lot harder to claim much for soft injuries or even income replacement if you’re injured in an MVA.