The 97-year-old prince was driving a Land Rover that turned over after colliding with another vehicle at a junction near the Queen's Norfolk estate.
Philip was unharmed in the accident as were the two women and child in the other car involved, though one woman did suffer a broken wrist, the BBC reports.
The accident, which witnesses said shook the prince up, does not seem to have put him off driving, though. A brand new replacement Land Rover was seen being delivered to the royal family's Sandringham estate less than 24 hours after the collision.
Armed police were also seen standing guard in photos obtained by The Telegraph at the residence where Philip is now recovering.
The prince underwent a precautionary check-up at Queen Elizabeth Hospital in King's Lynn (eastern England) on Friday where doctors confirmed that the he "had no injuries of concern," according to a Buckingham Palace statement.
A spokesman for Norfolk police said: "As is standard procedure with injury collisions, the incident will be investigated and any appropriate action taken.
"We are aware of the public interest in this case, however, as with any other investigation it would be inappropriate to speculate on the causes of the collision until an investigation is carried out."
The prince could be charged with driving without due care and attention, The Times reported.
However, Nick Freeman, the solicitor known as "Mr Loophole" told the publication that the royal could avoid prosecution by surrendering his licence.
"In my view, even if he's found to be at fault I think anyone advising him would contact the CPS and say look, he now accepts he shouldn't be driving and he's going to undertake to surrender his licence and not drive again," Freeman said. "I think on that basis it would not be in the public interest to prosecute."
Freeman admitted, though, that this would not be a given: "They might say, 'We don't care who he is.'"
"They might think at his age, at his position, he could afford a driver, he's got all the facilities, he shouldn't be risking the lives of others. They might push for prosecution."
At 97 years of age, the prince's crash has got people wondering whether he ought to turn in his license, but experts have rebuffed claims that elderly drivers are a danger on the roads.
Robert Jobson, royal editor of the Evening Standard, told Sky News: "It seems rather ridiculous to put, not necessarily himself, but other people at risk.
"I think there will be some people close to him in the family, suggesting that maybe it's better he's driven.
"Nobody wants to see a situation like this."
However, Chris Musselwhite, associate professor at Swansea University's Centre for Innovative Ageing, told Sky News: "We tend to find, as a cohort, we don't think older drivers are any more dangerous than perhaps any other age.
"On the whole, we think the older cohort are pretty safe."
According to the BBC, drivers aged 17-24 are involved in around four times more traffic accidents than over-70s.
Edmund King, president of The AA motoring association, echoed these figures when speaking to the Daily Mail.
"If driving restrictions based on age and safety were introduced, we would be more likely to restrict young drivers rather than older drivers," King said.
"Older drivers often self-restrict their driving by not driving at night and only driving on familiar roads.
"The decision to hang up your keys is a tough one but should be based on personal advice from your GP (family doctor) and family, rather than being based on some arbitrary age."
While there is no age limit for driving in the UK, motorists must renew their licence at least 90 days before reaching the age of 70, and then every three years after that.
Buckingham Palace representatives were unavailable when INSIDER reached out for comment.
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