Yes or no for Maxi length coats?

A few weeks ago, I arrived fashionably late to a friend's wedding reception, which lead to an undesirable faraway parking spot and freezing bare legs. Although I had on my toasty J.Crew double-cloth thinsulate lady day coat covering my short dress, it only gave warmth from knee up. I never wear tights with my cocktail dresses because the colored ones seem to make my legs look shorter and more crooked. As for pantyhose, I've never found one that matched my skin tone. Thus, nothing covered my naked legs and they were painfully cold! I wished and I wished that my coat was longer to cover all. Thus begins the search for a Maxi Coat!

ASOS Belted Midi Coat (bought on sale with discounts ~$122)

Most maxi-length coats I browsed online were at least 50+ inches in length, which seems too long for my 5'1" petite frame, so I tried to be clever in ordering a "midi" length coat in hopes that it turns out to be the right ankle length for me. 

This ASOS coat is actually a pretty soft, somewhat plushy wool. As with most wool (even my J.Crew metro coat), it's a bit itchy on bare skin, but not too bothersome I had worse itchy wool. On a scale of 0-5 for itchiness, I would probably rate this a 2. Because of the length and material, it's also heavier than most coats I own. I thought the batwing-like armholes were interesting...better ventilation and comfort for the pits. Overall fit is loose. I sort of feel like I'm wearing a house robe.

Do you think this coat is too big? Are you a fan of Maxi-length coats? Should I continue the search?