Different ahaadeeth of the Prophet صلى الله عليه وسلم describe specific portions of the Qur'aan as having the ability to protect its Muslim reader from certain types of evil.
For example, in a hadeeth in Saheeh al-Bukhaaree, it states that a shaytaan (devil) told Abu Hurayrah رضي الله عنه, "When you go to your bed, recite the verse of the throne (Aayatul-Kursee - 2:255). If you do so, a guardian from Allaah will come and protect you from the devils until the morning." Later, the Prophet صلى الله عليه وسلم told Abu Hurayrah رضي الله عنه about that statement, "He [that devil] has told the truth although he is a liar."
The Messenger of Allaah صلى الله عليه وسلم also said, "Do not turn your houses into graves. Verily, Shaytaan flees from a house in which Sooratul-Baqarah is recited." 
There is no question that this is a true characteristic of the Qur'aan. The Muslim, though, has to realise that the Qur'aan is supposed to be a protection from a much greater evil: the Hellfire. But it will not protect one from the Hellfire unless one believes in it sincerely and applies it correctly.
Again, if a person simply turns to the Qur'aan and reads portions of it thinking that it will protect him from some evil in this life, and he does not go beyond that to understand and apply the Qur'aan properly, then he will be missing the real point of what the Qur'aan is all about.