It depends. Is it really plastic or is it a thick coating of asphalt? I hope it's the plastic since the asphalt coatings wear off over time, typically in less than 20 years.
The main reasons for coating steel are to (1) protect against pH effects of soil and water and (2) protect against abrasion caused from the velocity of the water and bedload/sediment that travels throught the water. Most people are led to believe pH is the predominate reason, but based upon most designs performed the abrasion effects are more detrimental.
David