Car Problems

I noticed, about a week or so ago, that my "Check Coolant" light kept coming on. Obviously, I have a leak because I would have to add water to the overflow tank every two days. It progressively became worse, especially after my final drive from College Station back to Plano. To help locate the problem area, my father and I put red dye into the radiator, and waited until the next day. By this point, the water was leaking at an alarming pace. The red dye allowed us to trace the problem to the backside of the housing around the water pump (where it connects to the block). We soon realized that we did not have the tools to take apart the front of the engine (timing belt, auxilary best, pulleys, etc.), so I would have to send the car to the shop. Being out of a job for the next few months, this is not an ideal situation. However, what are you going to do? The quote from the shop was not too terribly bad (about $315), but I later found out that quote for replacing the water pump. Well, the water pump is not the source of the leak, it is the housing. They called me back to tell me this, and said it would now cost $689. I got another call saying that my timing belt is badly worn due to a frozen bearing in an idler pulley; tack on another $200. This leaves me with a grand total of $889, and I am sure that does not include tax. Given the large amount of hail damage my car has, I wonder how the price of this repair compares to the value of the car itself?