The armour doesn't need to be heavy. The Marder, and virtually all APCs, tanks, etc, have to have armour strong enough to withstand a few hits now and then. By their very nature they're going into harms way just to carry out their job of transporting troops across the fire-swept battlefield, or bully their way over the top of the enemy (I know it's more complicated than that, but I think you get the point).
The LAV-75, etc is another beast entirely. A light armoured vehicle, it's primary mission is to put fire down upon the enemy (as well as scouting, etc of course). Stealth, concealment, and above all, fighting from hull down positions is where it's all at for this class of vehicle. If it needs to expose it's hull to observation, let alone enemy fire, it's mission is already a bust.
Therefore, I'd say a thin armour rated/hoped to protect against shrapnel and the occasional small arms fire should be more than sufficient for it's intended role. Optional add on armour packages and ERA may be available, but only issued in extremis.
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