Timing belts fail without warning and on some vehicles, are almost as hard to check as they are to change. In most cases, your only protection is to change the belt at the recommended intervals. Timing belt replacement is not a cheap job but it is far less costly than if the belt breaks causing hundreds of pounds worth of damage.
A real life example of this that happened early in 2006 is as follows. We will not name the actual driver but for all intent and purposes call him Mr. Smith.
We serviced Mr. Smith's vehicle in the latter part of 2005 and advised him to check the Timing Belt history for his vehicle, this being a 16 valve double overhead cam engine. Mr. Smith failed to do this and early in 2006 the timing belt broke whilst travelling at 70mph causing extensive engine damage. On removing the cylinder head, it was discovered that all 16 valves had been hit by the pistons, breaking 3 of them. On removing all the valves it was further discovered that all 16 valve guides were broken. On inspection of the rest of the cylinder head components it was evident that one of the camshaft lobes had "flattened". The cause of the belt failure was a seized timing belt guide that the belt runs round. The cost of repair for this vehicle totalled over £1000. If the timing belt kit had been replaced at a cost of around £200 this damage would not have occurred.
Therefore it is imperative that you check your timing belt history and if you are in any doubt replace it immediately as this will be cost effective in the long run.