Certainly check it before purching. Try digiKey.com for replacement parts. It should only have to be a 12 volt buzzer as it does not have to mount to a panel hole. Certainly cheaper than $120
99.44% of all electrical problems on boats are corroded connections. Since the buzzer worked weakly then died I'd suspect corrosion either on the wires or at the sensor switches.
First check the buzzer and if that is good then you are going to have to track down the offending sensor or wire. The oil pressure sensor is the one that is sounding off when the engine is off and the ignition is on so start there. Just test across the oil pressure switch on the engine and the engine block with an ohm meter. You should get less than 1 ohm with the engine not running. If that is OK then the wiring in between is suspect. Check the 5ish connectors Hunter installs on the engine/panel wire loom. One to connect the sensor to the wire, one to connect the engine wiring to the boat loom, one to connect the boat loom to the panel wiring, and a rats nest behind the panel which will have at least one more connection and probably two.