On my 2006 Honda Odyssey EXL (160K mi), right rear shock (still original) is currently missing the cover over the piston rod because I believe it has rotted out and fallen off (so I see the shiny piston). There is no leak on it. The van still rides fine and the tire is wearing normally. Should I not worry about it, or would this fail abruptly? This is my concern so that I don't take it on long trips any more. But if this shock won't fail all at once, then I'd like to keep riding until I see symptoms of problems.
Replacement is not hard and is relatively cheap. I’d just swap out both rear shocks.
Without that shroud dirt, grit, water etc will eventually make it past the seal where the shaft comes thru, so it will eventually compromise it. They're not expensive and should change them both.