$300 is not bad at all. I dropped a 24-120 from one foot sideways onto rather bumpy rock. The impact cracked the housing for the VR and M/A switch. Everything worked just fine. Nikon charged me $400 to repair the switch housing.
However, when I got the lens back, it seems Nikon replaces the entire lens barrel, not the the switch housing. The body of the lens is clearly new. But they did not just replace the entire lens as I briefly hoped. The lens mount wear shows it was the still the original lens.