2001 Mazda Millenia Timing Belt

I've heard with some cars, if the timing belt busts, there is little to no damage to the engine because of the way it was designed. I've also heard that with some cars. The belt breaks and the engine completely shells out. Can you tell me what my engine is designed for? I ask because, the mechanics around me are asking $800 for timing belt/water pump/idler/tensioner replacement. My warranty covers all of those if the belt breaks and only $100 deductible. I'm trying to see if I should continue running the car until the belt breaks and then pay the $100 or. If the engine is going to be ruined and cost me thousands to repair, I'll replace the belt now for $800.