Emergency services were called to the scene between Lind Farm and Guildford Farm shortly before 08:00 following reports of a road traffic collision on Combley Road.
The assistance of the Isle of Wight Fire and Rescue Service was requested at 08:00 with one appliance from Newport Fire Station responding to the incident.
The road has been closed in both directions with motorists being diverted via Firestone Copse.
A crew from Island Roads are due at the scene to clear an oil spill from the carriageway.
UPDATE @ 10:41 – Two persons have been taken to St Mary’s Hospital following the two-car collision, which involved a Ciroen C3 and a Peugeot 106.
The road has now reopened.