Yes and no.
While the price usually is a guide for a products quality, it certainly should not be the main factor in buying a quilt, pillow or underblanket. A good quality quilt with proper care, should last for five to ten years, although we recommend that bedding be replaced about every five years and every one or two years for pillows. Even with proper care, over time quilts and underblankets do 'wear out' with fibre breakage, moisture accumulation and extended use. It is important for you to have a high quality of sleeping comfort which you frankly just cannot get with a poor quality quilt.
Over an eight year period, the difference between a high and low quality quilt is really only a few cents per night, so the initial purchase price isn't important compared to the quality of sleep that you deserve. The average person needs about eight hours per day of truly rejuvenating sleep which is about a third of one's life - surely it's worth buying the best!
Please consider what type of quilt you need apart from its price. If you live in a warm climate, e.g.  Queensland you may not need an expensive winter weight quilt or one that doesn't breath i.e. isn’t moisture absorbent. Equally, if you are hot and perspire a lot, a cheap quilt filled with a synthetic fibre will certainly worsen your sleeping comfort. Again over the life of a quilt, price isn't really that important.
So, price needs to be relative to your specific needs, sleeping conditions and personal situation.