Keen motorbike enthusiast Geoff Hughes was rushed to Noble's Hospital following the incident at around 6.50pm on Friday.
The 85 year-old was struck by a car on Albany Road which was shut for over six hours into early Saturday morning.
Mr Hughes was later transferred to a hospital in the UK for treatment.
Sadly, Isle of Man Police confirmed today that Mr Hughes died after 'sustaining fatal injuries' in the incident.
Both the driver of the vehicle and Mr Hughes were local to the area, according to the force.
Mr Hughes recently moved to Peel from Crosby.
The Isle of Man Constabulary have now appealed to members of the public not to speculate on the circumstances relating to the fatal crash.
The statement read: 'We would like to pass our condolences to the family and friends of Mr Hughes.
'We respectfully request that the public refrain from speculating as to the causation of the collision at this time.
'It is clearly evident that Mr Hughes' passing will affect the local community as he was well known particularly in Peel and also motorcycle circles.
'My sincere condolences are with his family and friends at this difficult time.
'This investigation is ongoing and I would urge people to refrain from speculation as to the circumstances of the collision.
'I can confirm that a person has been interviewed in regards to this matter.
'I would ask the privacy of all is respected at this time.
'As the investigation continues, we ask that any witnesses in the area or any person that may have dash cam travelling along Albany Road or Tynwald Road, Peel between 06.40pm to 06.55pm on Friday 24th November 2023 to still come forward and please contact any member of the Roads Policing Unit, quoting reference number 97/7506/23.'