Is $800 to replace the pool pump motor a fair price?

I am new to owning a pool. My current 1.5 HP single-speed pump stopped running, and I've confirmed the breaker, timer, and connections are fine. Upon opening the motor housing, I found one of the hot wires completely burnt, and the plastic insulation around the wires is crisped, which makes me worry the motor is compromised. The pump itself is very old. I run my pump 6 hours/day year-round to avoid closing/reopening the pool, and I feel a variable speed pump would be a good idea for this schedule. My pool has a heated enclosure, so freezing temperatures are not an issue. A pool shop scared me about the seals/o-rings, but I'm open to trying to fix them myself if it's possible with a YouTube video.