the cloaks you're thinking of are best made with a heavy wool cloth that is woven, then slightly felted for water resistent properties. heavy, but not too heavy as to make it difficult for it to drape nicely as it is being worn.

in modern times, a garment like this would be very expensive because of the fabric quality and quantity requirements, and also pretty impractical since we now sit on cars as opposed to on horses.

the modern alternatives to cloaks are cheaper, easier to wear, more effective. goretex, insulated jackets, rain proof shells, etc.