The main focus of this work is the design and parametric study of a compact Ultra Wide Band (UWB) Multiple Input Multiple Output (MIMO) antenna with three ports loaded with DGS and elliptical slots on the ground plane to enhance isolation and bandwidth. The dimensions of the proposed constructed antenna are 26 x 50 x 0.8 mm. The FR4 is used as a substrate, its dielectric constant is 4.4. The suggested Antenna was simulated using the HFSS Software tool and evolved over five steps. Based on simulation findings, it is noted that the antenna falls inside the Ultra Wide Band, ranging from 3.6 GHz to 10.06 GHz, and has an isolation of more than -43 dB. Even with the patches' modest end-to-end gap of 8 mm, it is apparent that the suggested antenna exhibits good isolation. Important factors that evaluate the effectiveness of the antenna are examined, including radiation pattern, diversity gain, surface current distribution, peak gain, Total Active Reflection Coefficient (TARC), and Envelope Correlation Coefficient (ECC) below 0.05. The measured Diversity Gain (DG) of the MIMO antenna is more than 9.98 dB, its TARC is observed as -10 dB, and its estimated ECC was less than 0.002. Using a computer-aided design (CAD) model of the vehicle, the antenna’s performance was examined to estimate the antenna's dependability in the presence of metallic bodies. The results show that due to its low profile and satisfactory functionality, the suggested antenna is well suited to high throughput compact UWB transceivers in Connected Vehicle Technology and V2V Communication applications.