The incident happened just after 08:00 on a straight piece of road near to the Made on Wight building, between Westridge Cross and Pondwell Hill.
Island Echo understand the collision has involved a VW Passat estate and one other vehicle.
Fire crews from Ryde Fire Station were called to the scene over fears the vehicle was on fire, with smoke rising from the wreckage, however have since returned to station.
Bullen Road remains blocked this morning while both vehicles are recovered.
Operatives from Island Roads are at the scene to clear any debris from the carriageway.