Aguero was in Amsterdam to attend the concert of Colombian singer-songwriter Maluma at the city's AFAS Live venue.
According to reports, the Argentine striker was on his way to the airport in a taxi when the accident happened on Thursday night.
The 29-year-old reportedly avoided serious injury with the help of the seat belt. Reports from Argentina are claiming that the striker broke a rib and could be out for about two months.
Manchester City have not released a statement on the incident.
Before the accident, Aguero had shared a photo of himself and Maluma, thanking the Colombian singer for inviting him to the concert.
The Colombian star Maluma also shared an image of Aguero signing a Manchester City shirt for him. “Long live football and friendship, thanks for the detail,” Maluma wrote alongside the photo.
Aguero will likely miss Manchester City’s Premier League trip to Chelsea on Saturday, September 30.
The striker has scored seven goals in all competitions for Manchester City so far this season.