If your current electrical panel has any damage, this is a sure sign that you need a replacement. Additionally, if your lights flicker when you start a more significant appliance or your breakers are frequently tripping, you will need an upgrade. Another sign that you need an upgrade is if your panel has no more room for expansion.
An electric service upgrade typically involves replacing the entire electrical service around the house. The replacement includes the line side service entrance cable, meter base, weather head, load side service entrance cable, the grounding, bonding system, and, of course, the electric panel itself.
Although upgrading your electric panel can bring a sizeable bill, it is far less than the cost caused by an electrical fire or the losses from a home insurance non-payout.