Depends on what type of "undercoating" you are talking about.
If your talking about the stuff that sets up and is like a rubberized coating.....kinda like rhino liner in a truck bed....I have heard it isnt good in the northern snow/salt states. Because any hole or imperfection in it now allows moisture, and it traps said moisture and accelerates the problem.
Better solution is some type of liquid form. On my vehicles, I use fluid film. Can buy it by the 5-gal pail. And a high pressure airless paint sprayer like a graco or similar apply it pretty quickly.