Blown Head Gasket, Low mileage Car. Should I replace or fix?

I was driving my car yesterday and it started to shake violently. Then a lot of white smoke started coming out of the tail pipe to the point where I thought it was going to blind the cars behind me. Also, my car started to smell like antifreeze. I looked at the oil to see if there was water in it, but it looks normal. Anyways, my dad thinks I might have a blown head gasket.

I have a 1993 Honda Civic DX. I bought it used for around $2000 and it was working fine for about 3 years. It only has about 76,000 miles on it.

Is it worth fixing, because the car has fairly low mileage and I don't have to pay monthly car payments. However, my insurance company said that if I got in an accident (whether its my fault or not), they aren't going to cover my car. Or should I just get a newer car, possibly pay month car payments, and have my car covered my insurers if I get in an accident.

Before you spend a lot of money have it combustion leak tested to confirm you have a bad head gasket. See video below:

That car is very well worth fixing! At 76.000 that Honda is just getting broken in. When they replace the head gasket have them put a new timing belt on and you will be hitting "two birds with one stone" as they say, they have to take it off to do the head anyways.
I'm surprised the head gasket went, was it low on coolant, did it overheat? Those are the only two things I have seen on that engine to cause it. Honda is not known for blowing head gaskets. Have the car fixed and just make sure to change the oil and maintain fluid levels. You will get Many More good years out of that car. As far as insurance, just don't have full coverage on it, they will only give you blue book value. And then,(with full coverage) they will have to pay what the car was worth if it got totaled.

ADD-ON: there's no need for a rebuild as the one guy says and that adds a LOT more work and money.
I have 170.000 on mine and it purr's like a kitten and does not burn oil, gets great gas mileage yet. Only the required maintenance was done to it.

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