1992 Chrysler Lebaron Water Pump

I own a 1992 Chrysler LeBaron convertible, and it is leaking coolant. I took it in and they told me the water pump needs replacing, and it is going to cost $700. Is this a reasonable estimate? They claim that since it is near the timing belt, that they need to take apart the engine, and that the timing belt should be replaced as well. They gave me a final estimate of $1700 and I think this is way too high since the car is only worth about $2000.