favorite

This is my family's favorite quilt. It is also the one and only store bought quilt that we have in our possession. (Can I just say, "Ouch!"?)
My husband and I bought it from a discount store a few years before I learned how to quilt, so it's probably 13 years old. It certainly has seen better days, but it remains everyone's favorite. We've had many picnics on it, and spent countless summer days with it spread out on the lawn, just hanging out together. It's big (king size) and super soft and smooshy, so I really can't blame them for liking it so much. :)
The fabric is worn on both the front and back, and on the sides, too. The worst parts are shredded, as shown above. I thought about trying to repair it, but I wonder if it's beyond hope. I thought about saving the batting, but it's just polyester, so it's probably not worth it. I thought about making a new front AND back, and encasing the whole thing inside a "new" quilt (after I trim off the dangling bits) but I'm afraid that it would end up being a big lumpy mess. Again, probably not worth the trouble. On the other hand, just the thought of throwing the whole thing away almost gives me hives. I mean, it's a quilt! Throwing it away just doesn't seem right.

So, what do you think? Should I try to save it? Or toss it and just start over?