Ever since I got my 190E 2.6, it does'nt have that cover, its only up until recently that I found it in the trunk buried under alot of other stuff and I didn't even bother to put it on. My plug cables are far enough from the fan that it does'nt get caught.
I serves no purpose at all, other than make it pretty in my opinion. Or as Stravlr mentioned, as a stop if your plug wires have alot of slack.
When I first noticed the cap shield covering the cap in its position on the front of the engine my immediate assumption was that it is placed to keep heavy rain from penetrating to the ignition wiring and penetrating the cap. Not so important in my neighborhood but I would not be surprised that after driving through a monsoon for a week or two the benefit might be more apparent. But with out regard to what the real answer to the puzzle is.. If it came with the car, I leave it on the car. I am pretty certain that not replacing it will not make anything any better.
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