Simon, 73, was the passenger in a town car that lost control and crashed into a pedestrian median on Manhattan's West Side around 7 p.m.
Simon went into cardiac arrest and was rushed to St. Luke's Hospital where he later died.
One other person was taken to Bellevue Hospital with non-life threatening injuries.
Simon was among a handful of elite journalists to cover most major overseas conflicts and news stories since the late 1960s, CBS said. He covered stories including the Vietnam War and the Oscar-nominated movie "Selma" in a career spanning five decades.
Simon had been contributing to "60 Minutes" on a regular basis since 1996. He also was a correspondent for "60 Minutes II."
Simon won numerous awards, including his fourth Peabody and an Emmy for his story from Central Africa on the world's only all-black symphony 2012. Another story about an orchestra in Paraguay, one whose poor members constructed their instruments from trash, won him his 27th Emmy, perhaps the most held by a journalist for field reporting, CBS said.
The Associated Press contributed to this report.
PHOTOS: Famous deaths in 2015
CBS News correspondent, Bob Simon, 73, killed in a car accident in New York City on the West Side Hiway. What a loss pic.twitter.com/wNFfU2ODo3— Al Roker (@alroker) February 12, 2015
Gutted to hear the news about Bob Simon. An absolute master of his craft.— Seth Meyers (@sethmeyers) February 12, 2015