Here's what you should do:
1. Safety First: Turn off the engine immediately and let it cool down completely before attempting any inspection. The coolant system is under pressure when hot, and opening it could result in scalding.
2. Check the Coolant Level: Once the engine is cool, carefully open the coolant reservoir (usually a translucent plastic tank) and check the coolant level. Is it truly low? If so, *how* low? Is there any coolant in the reservoir at all?
3. Inspect for Leaks: Look closely for any leaks around the radiator, hoses, water pump, thermostat housing, and engine block. Look for wet spots, stains, or dripping coolant. Pay close attention to the lower radiator hose and the connections to the engine.
4. Check for Obvious Damage: Examine the radiator and hoses for any visible damage like cracks or holes.
5. Consider the Possibilities: A flashing light usually suggests a more urgent situation than a steady light. This could indicate:
* Severe Low Coolant: The most obvious reason. You need to add coolant immediately (after the engine has cooled!), but finding the leak is crucial. Use the correct 50/50 mix of coolant and distilled water. Never use just water.
* Coolant Leak: A significant leak is allowing coolant to escape quickly. This requires immediate attention to find and repair the leak.
* Head Gasket Failure: A blown head gasket can allow coolant to leak into the cylinders or oil, leading to a rapid drop in coolant level. This is a serious and expensive repair. White smoke from the exhaust is a strong indicator.
* Water Pump Failure: A failing water pump can't circulate coolant properly, leading to overheating and a low coolant level.
* Radiator Failure: A damaged or clogged radiator can prevent proper cooling.
* Thermostat Failure: A stuck-closed thermostat will prevent coolant from circulating.
What to do next:
* If you find a leak: You likely need professional help to repair it. A small leak might be a simple hose clamp, but a larger one may require more extensive repairs.
* If you don't find a leak, and the coolant level is low: You'll need to find out *why* it's low. Adding coolant will only be a temporary fix unless you address the underlying cause. This is best left to a mechanic.
* If you suspect a head gasket failure: Take your car to a mechanic immediately. This is a significant repair.
Do not attempt to drive your car until you've identified and addressed the cause of the flashing low coolant light. Driving with low coolant will almost certainly cause significant and expensive engine damage. Get it checked by a qualified mechanic as soon as possible.