The Renault Kangoo with 3 people inside left the road and collided head-on with a tree at around 07:20.
Following the impact, the vehicle burst into flames but not all of the occupants of the vehicle could escape unaided.
As first reported by Island Echo, emergency services were scrambled to the scene including the Dorset & Somerset Air Ambulance.
Stood in front of the burnt out remains of the Renault, Group Manager James Lucy of the Isle of Wight Fire and Rescue Service told Island Echo that the actions of the members of the public and PCSO Oateley undoubtedly saved lives today.
1 person has been airlifted to Southampton General Hospital with serious injuries and a further 2 people have been conveyed by land ambulance to St Mary’s Hospital.
Police remain in attendance at the incident close to the junction with Hill Place Lane. Forensic Collision Investigators from the mainland have been called to examine the scene.
UPDATE @ 14:30 – The road has now re-opened in both directions.