This paper describes the development of a fast hybrid model, based on FEM and analytical equations, which represents dynamic behavior of a two-phase switched reluctance motor (SRM) with segmented stator. This motor is supplied from the simple power converter which employs demagnetization energy of the main phase winding using bypass coils, thus increasing the overall efficiency of the system. This machine is developed as a potential substitution for brushed DC motors in various automotive applications. Basic principles of operation and dedicated converter circuit are described firstly, underlining the benefits and shortcomings of this solution as compared to DC motors. After that, development of dynamic motor model is presented. For model verification, a prototype was built and tested. Measurement results are compared with the simulation results, giving some conclusions and guidelines for future research in this area.