Flame retardant coatings can be very useful in buildings, but have little use for car fires. A flame retardant chemically changes the flammability of the underlying substrate to which it is bonded. It's great for wood, foam, and other flammable substances to decrease the fire load, and slow flame propogation.
Our engines are a completely different fire scenario. What normally happens in a car fire is that engine heat and vibration, combined with old, cracked material, such as an old fuel line, causes a fuel leak. The fuel is what burns, in addition to old oil, grease, etc. on the engine itself. Other combustibles, rubber and plastic, contribute to fire load as the fire grows, eventually consuming upholstery, paint, plastic, etc. Fire retardants won't be effective in this environment. It would help with upholstery, but by that time, the car is totalled.
To effectively protect your car from an engine fire, use quality materials for fuel lines and good quality clamps. Route fuel lines away from hot surfaces, or anything that can chafe. Check the lines periodically. That's the key issue. Stick you head in the engine compartment, look, and touch things. Are your fuel lines getting hard or still pliable? Any fraying near clamps or lines touching hot surfaces? Cool fuel burns more efficiently, so some owners cover fuel lines with heat tape to reflect radiant heat.
Don't place a plastic fuel filter in a hot environment. Fuel filters should be outside the engine compartment. Wipe your engine down periodically to remove oil and grease. If you change your own oil, check fuel fittings and filters when you change oil. If you have it changed, have the pit guy check for you.
Either carry an approved extinguisher that you know how to operate or mount a fixed system. Do the above, then relax and enjoy the ride. I went to hundreds of car fires. On the very rare occasion when the owner had an extinguisher, he had invariably discharged it with the engine lid closed, sometimes showing me a blistered palm from trying to open a hot engine hood. Our response time was usually under 3 minutes, but by the time we arrived, the car was always a total. Measure twice, cut once.