reluctant wheel

i own a 2002 jaguar xtype 3.0 and have been told from the dealer that the reason my engine light and abs light on the dash is due to a rear reluctant wheel damage. Is this a common problem and what is a reasonable charge to repair/replace such an item. I was also told that in repairing this often a part is broken to remove the outer CV joint and of course that will also need to be replaced.