Engines, chain-or belt-driven, can be classified as either free-running or interference, depending on what would happen if the piston-to-valve timing were disrupted. A free-running engine is designed with enough clearance between the pistons and valves to allow the crankshaft to rotate (pistons still moving) while the camshaft stays in one position (several valves fully open). If this condition occurs normally, no internal engine damage will result. In an interference engine, there is not enough clearance between the pistons and valves to allow the crankshaft to turn without the camshaft being in time.
An interference engine can suffer extensive internal damage if a timing belt fails. The piston design does not allow clearance for the valve to be fully open and the piston to be at the top of its stroke. If the belt fails, the piston will collide with the valve and will bend or break the valve, damage the piston, and/or bend a connecting rod. When this type of failure occurs, the engine will need to be replaced or disassembled for further internal inspection; either choice costing many times that of replacing the timing belt.