diff --git a/lib/paper_trail/has_paper_trail.rb b/lib/paper_trail/has_paper_trail.rb
index 3bb302ac..a7883ae8 100644
--- a/lib/paper_trail/has_paper_trail.rb
+++ b/lib/paper_trail/has_paper_trail.rb
@@ -373,15 +373,20 @@ module PaperTrail
       def save_associations(version)
         return unless PaperTrail::VersionAssociation.table_exists?
         self.class.reflect_on_all_associations(:belongs_to).each do |assoc|
-          associated_record = send(assoc.name)
-
-          if associated_record && associated_record.class.paper_trail_enabled_for_model?
-            PaperTrail::VersionAssociation.create(
+          assoc_version_args = {
               :version_id => version.id,
-              :foreign_key_name => assoc.foreign_key,
-              :foreign_key_id => associated_record.id
-            )
+              :foreign_key_name => assoc.foreign_key
+          }
+
+          if assoc.polymorphic?
+            if (associated_record = send(assoc.name)).class.paper_trail_enabled_for_model?
+              assoc_version_args.merge!(:foreign_key_id => associated_record.id)
+            end
+          elsif assoc.klass.paper_trail_enabled_for_model?
+            assoc_version_args.merge!(:foreign_key_id => send(assoc.foreign_key))
           end
+
+          PaperTrail::VersionAssociation.create(assoc_version_args) if assoc_version_args.has_key?(:foreign_key_id)
         end
       end