The incident has occurred at the junction with Folly Lane and is causing tailbacks in both directions.
It’s understood the double decker bus has clipped the vehicle on the nearside, causing windscreen damage to the Southern Vectis vehicle.
No one has been seriously injured in the incident but paramedics in 2 ambulances are checking over those involved.
Motorists should avoid the area for the time being.
UPDATE @ 16:11 – 1 person has been taken to St Mary’s Hospital this afternoon.
The scene has now been cleared and traffic is flowing in the area once again.