It wont damage anything and some people dont have them on their cars, but they do stop a whole lot of "crap " being thrown up into the engine Bay Area where belts pulleys alternator and electrics are located, imagine what would be thrown up if you passed through standing water and large puddles regularly.
Some say it also makes the car more aerodynamic and helps better airflow to the radiator.
Replace as quick as you can would be my advice
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