Just finished a DIY "hugger" type guard for my '09. I used a piece of conveyor belt I had laying around, about 7 3/4" X 12 3/4", 2 pieces of metal, each 3/4" X 12" (used when pouring foundations to go thru the 'forms' and tie around the re-bar, given to me FREE by the guys building next door), and 2 pop rivets, 3/16" aluminum.
I 'notched' the belt to clear the chain, then held it in place by hand to drill 2 holes, each 3/16", into the bottom of the underseat storage, from below (LOTS of room for my 18V Ryobi drill from either side of the rear tire). Then I matched the hole positions into the 3/4" metal, de-burred the holes, put one BELOW the belting, the other inside the underseat storage (to protect the plastic and rubber from being worn thru by the rivets), and then installed the pop rivets.
BINGO - now my rectifier and rear shock are mostly protected from mud/ water spray off the rear tire; I spent an hour doing this; and I'm out the cost of 2 aluminum 3/16" pop rivets - MAYBE 5 cents!
Oh ya - and I made ANOTHER for my other V (the '08), so I'm out about a DIME!!!