Is the clockspring necessary to replace or would I be fine without it?! And what does if do, I think it had something to do with electric current from what people's told me??

 

Your air bag and If you have cruise control (I think) on the wheel won't work if you don't replace it. Also your airbag light will more than likely stay on.

And yes, it carries current to your steering wheel controls. (Airbag, cruise etc)