It is not an interference engine, thie means a broken belt will stop the motor, you will have to find a safe place to pull over, stop and call for a tow. When the motor stops you will have normal braking to make a controlled stop, you will not have power steering but should be able to steer off the road with little problem. If this happens on a busy interstate highway, on a bridge, in a tunnel, or overpass it could be kind of dicey with traffic wizzing by or no place to pull the car safely off the road. Timing belts don't break in the driveway and you can't predict it. No special noise or smell, they just let go all of the sudden.
If this scenario makes you uncomfortable get the timing belt changed, and $500 for a new belt water pump and assorted tensioners seems reasonable. A broken belt will not damage the insides of your motor and you won't have to replace bent or broken valves etc.