First, let me make a disclaimer statement, which I should have been doing on earlier posts, I guess: I am no surge protection or vehicle electronics expert (but I have been around the block a few times).
Most of the non-industrial strength surge protectors probably use MOVs (metal oxide varistors). Without going into any real detail (I shouldn't and couldn't), MOVs do fail, and have a lifespan that is/can be shortened every time a large surge occurs, or many/more 'smaller' ones, and this can be regarded as 'normal'.
That said, I would be interested to know what the manufacturer says is used to short/conduct a surge to ground (and some sort of lifespan expectancy statement, if available, because it is hard to quantify with a single parameter), which is how the protection is performed; voltage exceeds what might (I'm not sure) be termed a TWA (time weighted average), and the resistance now becomes to a path to ground. I really don't know how sensitive the technical information is for manufacturers, but MOVs are used all over for this purpose (AC spike/surge protection), and are a cost effective method, lifespan notwithstanding.