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usually low oil
Sounds very much like the low fuel warning light
There are different warning lights. Some will be for low gas, low coolant, or overheating. If these lights show up, look through your manual to find out what is wrong.
There are several warning light on the instrument panel. There is a high water temperature light. There is a low battery charge light. There is a low oil warning light.
Could be that your battery is tired and wants changing ? Expensive item @ $65.00 though. My car does the same thing when it is low on fuel. Punto gauges are poor quality.
A 1995 Saturn SC1 does have a low fuel light warning. The light comes on at about 1/8 of a tank.
Low oil will trigger a different warning light, specifically the low oil light will come on.
Bad wire connections to the pump. Shot pump.
Reset the battery
Normally that would be the low fuel warning light
The exclamation point warning light on a BMW 650I indicates low tire pressure.
It depends on where you purchase the water pump. You can all around to various stores and get price quote. Online, the stores offer prices as low as $35.