Pump-probe optical spectroscopy was used to investigate proposed charge-carrier multiplication via impact ionization in the ${M}_{1}$ insulating phase of ${\mathrm{VO}}_{2}$. By comparing the transient reflectivities of the film when pumped at less than and then more than twice the band-gap energy, we observed a larger ultrafast response with the higher energy pump color while the film was still transiently in the insulating phase. We additionally identified multiple time scales within the charge dynamics and analyzed how these changed when the pump and probe wavelengths were varied. This experiment provided evidence that a fast carrier multiplication process, i.e., impact ionization, acts efficiently in this prototypical strongly correlated insulator, as was recently predicted by theoretical calculations.