Ferrell was traveling back to Los Angeles after hosting a amusing or Die voter registration event in San Diego as his character Ron Burgundy. According to the report, he was taken to Mission Hospital for minor injury treatment.
Captain Larry Kurtz of the Orange County Fire Authority told the Press Association: "It happened at 10.55 last night on the northbound 5 freeway at Alicia Parkway".
Video footage showed Ferrell talking on his cell phone while being placed into an ambulance on a stretcher. The SUV occupied by Ferrell and his colleagues had been in the HOV lane when it was struck by the other vehicle. Ferrell was one of three passengers in the SUV when the accident occurred. A witness said that after the accident, one of his friends was bleeding profusely. He did not suffer any significant injury.
Ferrell dressed as his legendary anchorman character Ron Burgundy at the event.
The cause of the crash is under investigation.
DailyMail.com has contacted Ferrell's representatives for an update on his condition and dozens of fans have tweeted to wish the star a quick recovery. "Very scary nevertheless very grateful everybody appears to be OK".
Actor Jason Alexander tweeted his "thoughts and love out to Will Ferrell and his friends and family today".