Something that caught my interest was the Chain-Slap.
If you are the sorts who is obsessive about having a clean bike then you would notice this within a month or so of riding around on a new bike.
Chain slap is a cycling term given to the chain slapping against the chain stays (the rods below/above the chain). This had taken out a few chunks of paint from my bike before I noticed it.
How did I fix it ?
I picked up some silicon glue (available in most hardware stores and pretty reasonable too).
Cleaned up the chain stay. And added a thin layer of the silicon glue on top of the chain stay (in the pictures its the part which has gathered some dust).
12 Hours later you have a pretty durable gel like covering protecting the chain stay.
Have had it for over 3 months.
Nikhil just used a thin rubber strip from an old tube and used a zip tie to hold the whole thing together ! So thats another way of handling this issue.[ if your chain is anywhere as mucky as the chain on my bike, make sure you clean it immediately. IMO a clean chain which is properly lubed is one of the most important things to take care of. ]