How much should I spend for a good cover?

I am finishing up my first historical novel, and I am shopping for a good cover. After the episode on Reedsy, I decided to pitch it there and got quotes between $1,700 and $750, which seemed like a lot.

Over the weekend I went to a writer’s conference, and one presenter cautioned us not to go “cheap” on covers. He showed us a budget cover and a much, much better one. When I pressed him, he said he paid $300 for the expensive one.

I would be happy to pay $300 for a cover, or a bit more if I need to, but I don’t want to overspend just because this is my first time and I have no idea what I am doing. Obviously it is extremely important to get it right.

So what should I expect to pay for this kind of service?

And if anyone has a cover designer recommendation, especially for a historical fiction book, let me know.