My asphalt driveway looks so bad that my insurance company has considered it a serious hazard. Do I resurface the existing driveway. I have a contractor telling me that he would level the existing driveway and place a 2 inch top coat of asphalt on top. Will a resurface last just as long as a completely new driveway?

No a resurface will not last as long as a total replace but it will cost about 1/3 as much as a replace. Describe your surface and why does the insurance company have anything to say about your property?

My asphalt driveway looks so bad that my insurance company has considered it a serious hazard. Do i resurface the existing driveway. i have a contractor telling me that he would level the existing driveway and place a 2 inch top coat of asphalt on top. will a resurface last just as long as a completely new driveway?
In a number of places I can see the rocks underneath the asphalt, there is grass growing in certain areas of the asphalt as well, and the asphalt is uneven in some places. I moved into the house about 5 months ago and needed insurance. When the appraisals were done from multiple insurance companies, I was told that my premium would be higher than normal because of the hazard caused by the driveway.

One contractor explained to me that he would level the driveway (use 1 inch of asphalt in the process), completely remove the asphalt in the worst spots of the driveway, and place2 inches of new asphalt on top of the entire driveway. My driveway is about 300 feet deep and 50 feet wide in certain areas.

It all boils down to dollars. The best and longest lasting fix is a total tear out and a new base, pricey as it may be. The coat you describe is a fairly common practice and it should give you many years of service for much less money.