Back in about 1980, those chrome/stainless steel chainstay protectors were common. They work well to prevent dings in the paint and to cover up the ones that are already there. and it didn't look too shabby either. I'd go for it if it is in your budget.

Nowaday, I use electrical tape. I even have some 3M 2242 electrical tape. It is not as elegant as the shiny protector, but it works. Nowadays it seem that chrome is out and black is in. But then again, I'm probably a step behind fashion.



I learned this technique here on BikeForums.