diff --git a/sql_metadata/parser.py b/sql_metadata/parser.py
index c92538fc..bb1ccc58 100644
--- a/sql_metadata/parser.py
+++ b/sql_metadata/parser.py
@@ -488,10 +488,14 @@ def values_dict(self) -> dict[str, Any] | None:
 
         if is_multi:
             self._values_dict = {
-                col: [row[i] for row in values] for i, col in enumerate(columns)
+                col: [row[i] if i < len(row) else None for row in values]
+                for i, col in enumerate(columns)
             }
         else:
-            self._values_dict = dict(zip(columns, values))
+            self._values_dict = {
+                col: (values[i] if i < len(values) else None)
+                for i, col in enumerate(columns)
+            }
         return self._values_dict
 
     @property
diff --git a/test/test_values.py b/test/test_values.py
index 07668a53..5d883a4e 100644
--- a/test/test_values.py
+++ b/test/test_values.py
@@ -151,6 +151,27 @@ def test_insert_multi_row_values():
     assert p.values_dict == {"field1": [1, 3], "field2": [2, 4]}
 
 
+def test_insert_multi_row_ragged_values_dict():
+    """Ragged multi-row VALUES must not IndexError in values_dict."""
+    p = Parser("INSERT INTO t (a, b) VALUES (1, 2), (3)")
+    assert p.values == [[1, 2], [3]]
+    assert p.values_dict == {"a": [1, 3], "b": [2, None]}
+
+
+def test_insert_multi_row_all_rows_shorter_than_columns():
+    """Every VALUES row shorter than the column list still yields all keys."""
+    p = Parser("INSERT INTO t (a, b) VALUES (1), (2)")
+    assert p.values == [[1], [2]]
+    assert p.values_dict == {"a": [1, 2], "b": [None, None]}
+
+
+def test_insert_single_row_shorter_than_columns():
+    """Single-row VALUES shorter than the column list still yields all keys."""
+    p = Parser("INSERT INTO t (a, b) VALUES (1)")
+    assert p.values == [1]
+    assert p.values_dict == {"a": 1, "b": None}
+
+
 def test_insert_with_expression_value():
     """INSERT with a function call in VALUES uses str(val) fallback."""
     p = Parser("INSERT INTO t (a) VALUES (CURRENT_TIMESTAMP)")