Timing Belt

My 2009 Honda Ridgeline died yesterday while I was driving home from
work.  I was in traffic, so I was probably going less than 25 MPH.  I had the
car towed to Pep Boys and they told me it was the timing belt.  He told me
that the repair cost would be $1,100, but it might not actually fix the problem.  
He said there is a 50/50 chance that the engine has damage.

Should I let them fix it and take the chance?  If the engine is damaged, will I
still have to spend the $1,100 in addition to the engine repair anyway?  I'm
trying to figure out the smartest way to do this.  I'm keeping the car, so if I
have to replace the engine, so be it.

Not sure what to do.
Thanks