skid plate?

97 Bonneville.

My plastic skid plate under the front end and front half of the engine became undone and is scraping on the ground. This happened at 40 MPH and sounded like I blew a radiator hose (http://shop.ebay.com/i.html?_nkw=radiator+hose), but the car was cold and there was no smoke. The bolts rusted away. Is it okay just to amputate the skid plate the rest of the way? What's the purpose? I am guessing at the name "skid plate". What purpose does it serve other than scraping on parking blocks?
Anyone there?

The front lower fascia and air dam helps divert air to the radiator helping the cooling . I would replace it if possible . You should be able to find a replacement at your local salvage yard . Good luck !