Water pump isn't functioning and my warranty has expired already...

[x01235x]

I was driving on the freeway yesterday and I heard some massive fan sound. Although deeply pushing the gas pedal, the RPM didn't go higher than 2500 rpm and it felt like a car is loosing power. "Engine is hot" sign showed up on the screen and I had to pull over at the gas station to cool it down. I took it to the local BMW specialist next day since my warranty has expired. They said my water pump is not working so the engine keeps overheating and the fan is massively spinning to cool down the engine. They estimated $890 to fix it and I'm at 59k miles. urgggggggggggggggggggggg!!!