I've thought about using the cargo quadricycle to take my propane tank to the hardware store for a refill but didn't do it because it felt hard to do safely.
That didn't worry this person, who has put the tank (about 1/3 the size I have) on a furniture dolly improvised into a trailer. #CarryShitOlympics #BikeTooter
@glightly You thought pool noodles were effective, you should see the wide berth drivers give you with a couple propane tanks.
2020-10-01 https://twitter.com/enobacon/status/1311768274216972288
I would guess that the main risk comes from blows to the valve (which enjoys a significant but incomplete protection from that collar).
I think you are right on limited consequences of a fire. I would expect though that an ignition source should be pretty easy to find in a car accident: the exhaust systems of all involved cars are likely got enough.
It's only really if the escaping plume meets an ignition source before it disperses that a problem will result (metal against metal action may cause sparks as the valve is being shattered, but it seems that you'd need to be really unlucky for that to happen).
According to this site (https://propanehq.com/how-explosive-is-propane/), the explosive mix between propane and air is approximately 2.1% to 9.5%, so it looks like even if the escaping plume does get lit, that'll most likely end up burning rapidly instead of exploding (although if the tank is overheated to the point that the propane starts boiling and ruptures the tank, the pressure difference is an explosion; https://en.wikipedia.org/wiki/Boiling_liquid_expanding_vapor_explosion?useskin=monobook but it appears that small tanks don't really have the capacity to allow for the required heating before the contents are exhausted, while large tanks certainly do).