For the same price you might try looking at this place, I have this on my gas auger and been very happy
http://icehogger.com/magnetic_bladeguard.html
To be honest I seen these and thought it would be easy enough to replicate ...I like DIY stuff ..
I can spend hours paging thru the Ice sled Mods here
I was looking at my Auger and they lost the Rubberband during the move back to MI.
I think Icehogger is a fair price and is still an option....
But If I was to buy only the 3 or 4 magnets required it would be very cheap.
There is another mod or purchased option that is a snap and click deal as well but you have to buy the whole cover.
Just wondering if any one has built a better mouse trap ....