Heckler, Please see attached link for a post from Zulu95 (he's my hero by the way!) back a couple of years ago. He explains the steering angle sensor functionality and others post replacement procedures in subsequent posts. Your indy may not be equipped with the proper tools to reset the fault code and code the sensor with your VIN number. I'd go to the $tealer to see if they can clear the fault code before spending a large amount of money to replace the sensor. I did this and it worked!
Here's Zulu95's post:
http://www.xoutpost.com/bmw-sav-foru...le-sensor.html
And here is mine:
http://www.xoutpost.com/bmw-sav-foru...lf-tealer.html
Good luck with your repair and let us know how things work out! 
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