I was under the car the other day and spotted this rubber donut on the steering shaft. It seems to be broken. What’s the function of this rubber piece and should it be fixed right away? The internet has let me down while trying to research this.
It's purpose is to keep road grime from getting in between the moving parts of the steering shaft. It acts a wiper to clean the mating surfaces as the steering shaft moves in and out (esp during a crash).
IMO the answer to the question about how soon to fix it depends upon where you live. In the South or the Frozen road salted North.