not necessarily

if the overall diameter of the 17" wheel/tire combo is the same as the old wheel/tire combo (which it should be so your speedo isnt fucked up w/ the new rims) then there would be no damage.

But if you have 17" wheels/tires that are taller than your old wheels/tires then yea... youd be so beyond fucked, you couldnt catch a bus back to "fucked"