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When you initially stop and get out of your car the heat shields will be very warm to the touch but not burning hot. I can actually put the palm of my hand on the shield right after I park and get out.
But be warned...every additional 20secs you sit in the car the heat is then transferred from the pipe to the shield because the lack of cooler air flow since you are not moving and they will not protect you from a burn. Take about 1 min for them to fully heat up and start to burn.
So under normal park & exit out of the car conditions they will definitely protect you from a nasty burn, but if you sit in the car for photo session for others then get out 1+min later the heat will have transferred to the shield to cause a mild burn but still not as bad as touching the pipe itself.
Have no idea if wrapping them would help....try it and find out. I would not consider wrapping mine as it would kill the chrome look, but if you go with non-chrome pipes then maybe it would not look so different having them wrapped underneath the shield.
Side pipes are definitely fun and worth the hassles as they drive everybody crazy and the sound is so awesome!!!
Just keep in mind even with the heat shield you can still burn yourself as 100% of the pipes are not covered. The area of concern is behind the front tire. Just entering and exiting the car this will not be an issue, only when you have the car running/just finished driving the car and lean over the side of the hood to work on the engine and your feet/ankles will hit.
That said, I would do shields again 100% without question.