Yes. The important thing is where do your store it. If it is, say, in the coupe tray and you get hit, it is a missile. If it is buried in the trunk or rumble area, you may not be able to reach it or a good Samaritan can't find it. Some strap it to the pax kick panel.
On my Cabbie, I have the running board-mounted expandable junk rack and the FE, spare water, in a body matching-color jug, stay there. On the trunk rack I have a picnic tub for the ice and beeeerz and I certainly don't want to be drinking a FE.