I was just thinking about this very question yesterday biking home in the rain. Luckily, I had a hood on my jacket but the rain soaked through and rain was hitting me in the face, sometimes making it hard to see.
I have a water-resistant trench coat for warmer weather but I'm in the market for something more substantial that I can easily throw on over my clothes if it starts to pour. Also, how do I keep my head dry and rain out of my face?