The actress, who plays new character Eva on the Channel 4 soap, was in a collision in the city's Moss Side district as she travelled in her £180,000 Bentley.
A source told The Sun: "The accident wasn't Sheree's fault and it really shocked her. She only suffered whiplash but it really shook her up and she didn't feel safe."
Paparazzi pictures taken shortly after the crash show Murphy's footballer husband Harry Kewell standing by the side of the vehicle while waiting for a breakdown truck to arrive.
The insider added: "Harry came to Sheree's rescue."
A spokesperson for Hollyoaks confirmed that Murphy had been involved in a collision.