Here's the breakdown:
* Potential for Head Damage: When a timing chain breaks, the valves and pistons can collide, resulting in bent valves, broken pistons, or other internal engine damage. This is the most common and serious consequence.
* Diagnosis Required: You absolutely must have a mechanic inspect the engine. Simply visually inspecting the timing chain won't be enough. A compression test and potentially a leak-down test are necessary to determine the extent of the damage.
* Repair Options: The repair could range from a relatively simple timing chain replacement (if no other damage occurred) to a complete engine rebuild or even replacement, depending on the extent of the damage to the cylinder head and other components.
* Cost: The cost varies dramatically. A simple chain replacement might cost a few hundred dollars in parts and labor, whereas head repair or engine replacement could run into thousands.
In short: Don't assume anything. Get a professional mechanic to diagnose the problem before attempting any repairs or writing off the engine. A broken timing chain is a serious issue, and the cost of repair is highly dependent on the damage it has caused.