A great overcoat does its work in silence. You should notice the line of it before anything else, the way it sits across the shoulders without pulling or gaping at the collar, and the way it falls in one clean movement rather than bunching at the hip. Wool or a wool blend with a bit of weight to it will always outperform something thin and slippery, because a coat that feels insubstantial in the hand will look insubstantial on the body, however sharp the cut. Look at the lapel too. A generous, structured lapel with proper roll to it reads as considered, while a flimsy, flat one tends to give the whole coat away as an afterthought.
Length matters more than most people credit.
Below the knee gives a coat real presence and works especially well over tailoring, elongating the leg and adding a bit of drama to an otherwise simple outfit.
Just above or on the knee is the more forgiving, everyday length, easier to move in and easier to layer under. Cropped versions can work but only if the rest of the proportions are right underneath, since anything too short has a habit of looking accidental rather than deliberate.
Where the overcoat earns its place is in how much it can absorb underneath it. A roomy fit over a jumper and trousers should feel as natural as one worn over a shirt and skirt, which means fit needs a little breathing space through the chest and sleeve rather than being sized to the body alone. Belted styles are worth the extra step of actually cinching them, since left open they lose the shape that makes them worth choosing in the first place. Double breasted versions carry more formality and suit anything from client meetings to weddings in cooler months, while a single breasted, notch lapel coat is the one to reach for daily, over jeans, over a suit, over almost anything.
This is a category that rewards restraint in colour, since camel, charcoal, navy and black will outlast every trend colour by several winters, and a coat is not somewhere to compromise on cloth for the sake of a lower price. Worn well, it becomes the piece that finishes an outfit rather than simply covering it, useful for the commute, for travel, for evenings that start indoors and end somewhere colder.
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