Yeah that sounds about right. Though the SImpson's look a little more nicer than what I used to use. A few hundred bucks, but I wouldn't go anywhere chasing trouble without one.
There is another one, that telco's like to use more and more and that is called a Sidekick meter. They are nice, becuase there is a an option to check for possible noise on the pair, but a few grand, and the fact that it doesn't bounce that well off of the ground before it breaks sort of scares me from it. I had a sidekick, it broke 3 weeks after I used it. Regular point meter has been known to take a fall from the standard 18' on a pole