<PAGE>  1

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
       ACT OF 1934


                For the quarterly period ended September 30, 1998

                                       OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934

         For the transition period from __________________ to __________________

Commission      Registrant, State of Incorporation           I.R.S. Employer
File Number     Address and Telephone Number                 Identification No.
________________________________________________________________________________

 0-7862         AMERCO                                          88-0106815
                (A Nevada Corporation)
                1325 Airmotive Way, Ste. 100
                Reno, Nevada  89502-3239
                Telephone (702) 688-6300


 2-38498        U-Haul International, Inc.                      86-0663060
                (A Nevada Corporation)
                2727 N. Central Avenue
                Phoenix, Arizona 85004
                Telephone (602) 263-6645

Indicate by check mark whether the registrant (1) has filed all reports
required  to be filed by Section 13 or 15(d) of the Securities Exchange
Act  of 1934 during the preceding 12 months (or for such shorter period
that  the  registrant was required to file such reports), and  (2)  has
been subject to such filing requirements for the past 90 days.
Yes [X] No [ ].

22,614,087  shares  of  AMERCO  Common  Stock,  $0.25  par  value  were
outstanding at November 9, 1998.

5,385  shares  of  U-Haul International, Inc. Common Stock,  $0.01  par
value, were outstanding at November 9, 1998. U-Haul International, Inc.
meets  the conditions set forth in General Instruction H(1)(a) and  (b)
of  Form  10-Q  and  is  therefore filing this form  with  the  reduced
disclosure format.
<PAGE>  2
                          TABLE OF CONTENTS



PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements.

         a)  Consolidated Balance Sheets as of September 30, 1998,
             March 31, 1998 and September 30, 1997..................     4

         b)  Consolidated Statements of Earnings for the Six
             months ended September 30, 1998 and 1997...............     6

         c)  Consolidated Statements of Changes in Stockholders'
             Equity for the Six months ended September 30, 1998
             and 1997...............................................     7

         d)  Consolidated Statements of Earnings for the
             Quarters ended September 30, 1998 and 1997.............     8

         e)  Consolidated Statements of Cash Flows for the Six
             months ended September 30, 1998 and 1997...............     9

         f)  Notes to Consolidated Financial Statements -
             September 30, 1998, March 31, 1998 and
             September 30, 1997.....................................    10

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations........................    19

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings..........................................    27

Item 4.  Submission Of Matters To A Vote Of Security Holders........    27

Item 6.  Exhibits and Reports on Form 8-K...........................    28


















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                        INTENTIONALLY BLANK
<PAGE>  4
                  PART I.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS.


               AMERCO AND CONSOLIDATED SUBSIDIARIES

                    Consolidated Balance Sheets
                                 

                                       September 30,   March 31,   September 30,
            ASSETS                        1998         1998           1997
                                       ----------------------------------------
                                       (unaudited)     (audited)   (unaudited)
                                                   (in thousands)


Cash and cash equivalents              $   14,150       31,606         33,831
Receivables                               308,267      317,620        249,992
Inventories                                75,236       68,887         72,273
Prepaid expenses                           18,017       21,154         16,069
Investments, fixed maturities             902,354      886,873        856,383
Investments, other                        152,953      164,064        149,757
Deferred policy acquisition costs          53,248       44,255         47,505
Other assets                              103,171      103,062         71,948
                                        -------------------------------------  

Property, plant and equipment, at
  cost:
  Land                                    206,640      208,028        209,944
  Buildings and improvements              841,063      838,419        822,767
  Furniture and equipment                 224,221      214,513        205,045
  Rental trailers and other rental
    equipment                             184,443      179,225        181,337
  Rental trucks                           963,413      939,561      1,053,326
                                        -------------------------------------
                                        2,419,780    2,379,746      2,472,419
  Less accumulated depreciation         1,115,708    1,103,990      1,108,174
                                        -------------------------------------

       Total property, plant and
         equipment                      1,304,072    1,275,756      1,364,245
                                        -------------------------------------

























                                      $ 2,931,468    2,913,277      2,862,003
                                        =====================================

The  accompanying notes are an integral part of these  consolidated financial
statements.



<PAGE>  5
                                       September 30,   March 31,   September 30,
 LIABILITIES AND STOCKHOLDERS' EQUITY      1998         1998           1997
                                       ----------------------------------------
                                       (unaudited)     (audited)   (unaudited)
                                                       (in thousands)

Liabilities:
  Accounts payable and accrued
    expenses                          $   138,172      144,201        106,471
  Notes and loans                         997,982    1,025,323      1,059,044
  Policy benefits and losses, claims
    and loss expenses payable             566,974      592,642        477,980
  Liabilities from premium deposits       429,730      425,347        427,556
  Cash overdraft                           25,024       21,414         21,113
  Other policyholders' funds and
    liabilities                            39,233       34,911         31,817
  Deferred income                          39,928       45,298         35,202
  Deferred income taxes                    66,286       29,082         48,476
                                        -------------------------------------

Stockholders' equity:
  Serial preferred stock, with or
    without par value, 50,000,000
    shares authorized -
    Series A preferred stock, with no par
      value, 6,100,000 shares authorized,
      issued and outstanding as of
      September 30, 1998, March 31, 1998
      and September 30, 1997                  -            -              -
    Series B preferred stock, with no par
      value, 100,000 shares authorized,
      50,000 shares issued and outstanding
      as of September 30, 1998, 75,000 shares
      issued and outstanding as of March 31,
      1998 and 100,000 shares issued and
      outstanding as of September 30, 1997    -            -              -
  Serial common stock, with or
    without par value, 150,000,000
    shares authorized -
    Series A common stock of $0.25 par
      value, 10,000,000 shares authorized,
      5,762,495 shares issued as of
      September 30, 1998,  March 31, 1998
      and September 30, 1997                1,441        1,441          1,441
  Common stock of $0.25 par value,
    150,000,000 shares authorized,
    36,487,505 shares issued as of
    September 30, 1998, March 31, 1998
    and September 30, 1997                  9,122        9,122          9,122
  Additional paid-in capital              288,444      313,444        336,933
  Accumulated other comprehensive income  (15,642)      (9,384)       (10,424)
  Retained earnings                       722,381      658,227        697,569
                                        -------------------------------------
                                        1,005,746      972,850      1,034,641
  Less:
    Cost of common shares in treasury,
      (19,635,913 shares as of
      September 30, 1998, March 31, 1998
      and September 30, 1997)             359,723      359,723        359,723
    Unearned employee stock
      ownership plan shares                17,884       18,068         20,574
                                        -------------------------------------
         Total stockholders' equity       628,139      595,059        654,344

Contingent liabilities and commitments

                                      $ 2,931,468    2,913,277      2,862,003
                                        =====================================

The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>  6
               AMERCO AND CONSOLIDATED SUBSIDIARIES

                Consolidated Statements of Earnings

                  Six months ended September 30,
                            (Unaudited)

                                                  1998        1997
                                           --------------------------
                                              (in thousands except
                                           share and per share data)

Revenues
  Rental revenue                          $    598,901      571,330
  Net sales                                    107,567      105,611
  Premiums                                      96,223       79,845
  Net investment income                         26,818       23,636
                                           ------------------------   
       Total revenues                          829,509      780,422

Costs and expenses
  Operating expense                            446,984      416,997
  Cost of sales                                 62,909       60,520
  Benefits and losses                           79,991       82,033
  Amortization of deferred acquisition
    costs                                        8,799        7,123
  Lease expense                                 56,532       45,455
  Depreciation, net                             31,902       31,415
                                           ------------------------
Total costs and expenses                       687,117      643,543

Earnings from operations                       142,392      136,879

  Interest expense, net of interest
    income of $6,878 and $7,064 in
    1998 and 1997, respectively                 29,757       33,644
                                           ------------------------

Pretax earnings                                112,635      103,235
Income tax expense                             (39,234)     (35,005)
                                           ------------------------
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                        73,401       68,230
Extraordinary loss on early
  extinguishment of debt, net                      -         (4,138)
                                           ------------------------

       Net earnings                       $     73,401       64,092
                                           ========================

Earnings per common share (both
  basic and diluted):
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                  $       2.93         2.63
Extraordinary loss on early
  extinguishment of debt, net                       -         (0.19)
                                           ------------------------
                 Net earnings             $       2.93         2.44
                                           ========================


Weighted average common shares outstanding  21,930,301   21,884,614
                                            ========================

The  accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>  7
<TABLE>
<CAPTION>                                        
                                                   AMERCO AND CONSOLIDATED SUBSIDIARIES
                                 Consolidated Statements of Changes in Stockholders' Equity
                                     Six months ended September 30, 1998 and 1997
                                                         (unaudited)
                                                       (in thousands)
                                        
        
                                                                                          Unearned
                                                          Accumulated                      Employee
                               Series A        Additional    Other                          Stock         Total
                                Common  Common  Paid-in   Comprehensive Retained Treasury  Ownership   Stockholders' Comprehensive
                                Stock    Stock  Capital      Income     Earnings  Stock   Plan Shares    Equity        Income
                              ----------------------------------------------------------------------------------------------------
<S>                            <C>       <C>    <C>         <C>         <C>      <C>       <C>           <C>            <C>
Balance at March 31, 1998      $ 1,441   9,122  313,444      (9,384)    658,227  (359,723) (18,068)      595,059
                                                                                                                  
Preferred stock repurchase                      (25,000)                                                 (25,000)
Leveraged employee stock             
 ownership plan:                       
  Purchase of shares                                                                            (2)           (2)
  Repayments from loan                                                                         186           186
Preferred stock dividends:                   
 Series A ($1.06 per share)                                              (6,482)                          (6,482)
 Series B ($49.81 per share)                                             (2,765)                          (2,765)
Comprehensive income:                              
 Net income                                                              73,401                           73,401        $ 73,401
 Other comprehensive income,                           
  net of tax:                                            
   Foreign currency                                        
    translation                                              (5,496)                                      (5,496)         (5,496)
   Unrealized loss on                                          
    investments                                                (762)                                        (762)           (762)
                                                                                                                          ------
     Comprehensive income                                                                                               $ 67,143
                                ------   -----  -------     -------     -------  --------  --------      -------          ======
Balance at September 30, 1998  $ 1,441   9,122  288,444     (15,642)    722,381  (359,723) (17,884)      628,139
                                ======   =====  =======     =======     =======  ========  =======       =======
    
Balance at March 31, 1997      $ 1,441   9,122  337,933      (9,722)    644,009  (359,723) (20,740)      602,320
    
Preferred stock                                  (1,000)                                                  (1,000)
Leveraged employee stock
 ownership plan:
  Purchase of shares                                                                            (3)           (3)
  Repayments from loan                                                                         169           169
Preferred stock dividends:
 Series A ($1.06 per share)                                              (6,482)                          (6,482)
 Series B ($40.50 per share)                                             (4,050)                          (4,050)
Comprehensive income:
 Net income                                                              64,092                           64,092        $ 64,092
 Other comprehensive income,
  net of tax:
   Foreign currency
    translation                                                (520)                                        (520)           (520)
   Unrealized loss on
    investments                                                (182)                                        (182)           (182)
                                                                                                                          ------ 
     Comprehensive income                                                                                               $ 63,390
                                ------   -----  -------     -------     -------  --------  -------       -------          ======
Balance at September 30, 1997  $ 1,441   9,122  336,933     (10,424)    697,569  (359,723) (20,574)      654,344
                                ======   =====  =======     ========    =======  ========= =======       =======

    

<FN>
                      The accompanying notes are an integral part of these consolidated financial statements.
</FN>
</TABLE>
<PAGE>  8                                 
                                 
                                 
               AMERCO AND CONSOLIDATED SUBSIDIARIES

                Consolidated Statements of Earnings

                   Quarters ended September 30,
                            (Unaudited)

                                                  1998        1997
                                           --------------------------
                                              (in thousands except
                                           share and per share data)

Revenues
  Rental revenue                          $    317,488      306,184
  Net sales                                     51,254       50,129
  Premiums                                      57,793       44,380
  Net investment income                         13,636       12,081
                                           ------------------------
       Total revenues                          440,171      412,774

Costs and expenses
  Operating expense                            237,448      227,224
  Cost of sales                                 30,214       29,710
  Benefits and losses                           44,411       43,612
  Amortization of deferred acquisition
    costs                                        4,188        3,663
  Lease expense                                 29,570       22,438
  Depreciation, net                             14,329       10,836
                                           ------------------------
       Total costs and expenses                360,160      337,483

Earnings from operations                        80,011       75,291

Interest expense, net of interest
  income of $3,236 and $3,586 in
  1998 and 1997, respectively                   14,748       16,176
                                           ------------------------

Pretax earnings from operations                 65,263       59,115
Income tax expense                             (23,092)     (20,083)
                                           ------------------------

Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                        42,171       39,032
Extraordinary loss on early
  extinguishment of debt, net                      -         (4,138)
                                           ------------------------

       Net earnings                       $     42,171       34,894
                                           ========================


Earnings per common share:
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                  $       1.71         1.54
Extraordinary loss on early
  extinguishment of debt, net                       -         (0.19)
                                           ------------------------

       Net earnings                       $       1.71         1.35
                                           ========================


Weighted average common shares outstanding  21,935,854   21,890,072
                                           ========================





The  accompanying notes are an integral part of these  consolidated financial
statements.
<PAGE>  9
               AMERCO AND CONSOLIDATED SUBSIDIARIES

               Consolidated Statements of Cash Flows

                  Six months ended September 30,
                            (Unaudited)
                                                  1998        1997
                                           -------------------------
                                                   (in thousands)
Cash flows from operating activities:
  Net earnings                            $     73,401       64,092
    Depreciation and amortization               47,676       42,368
    Provision for losses on accounts
      receivable                                 2,272        2,350
    Net (gain) loss on sale of real and
      personal property                         (1,677)        (465)
    Net (gain) loss on sale of investments      (1,979)          25
    Changes in policy liabilities and
      accruals                                    (210)      29,244
    Additions to deferred policy
      acquisition costs                        (17,654)      (5,709)
    Net change in other operating assets
      and liabilities                           (8,148)      (8,842)
                                           ------------------------

Net cash provided by operating activities       93,681      123,063
                                           ------------------------

Cash flows from investing activities:
  Purchases of investments:
    Property, plant and equipment             (190,031)    (284,035)
    Fixed maturities                          (113,073)     (66,883)
    Equity investment                              -        (24,500)
    Preferred stock                            (15,500)         -
    Mortgage loans                              (1,246)     (11,858)
  Proceeds from sale of investments:
    Property, plant and equipment              129,258      134,320
    Fixed maturities                           110,366       68,693
    Real estate                                  4,749          194
    Preferred stock                                658          -
    Mortgage loans                               9,710       10,623
  Changes in other investments                   5,063        3,083
                                           ------------------------
Net cash provided (used) by investing
  activities                                   (60,046)    (170,363)
                                           ------------------------

Cash flows from financing activities:
  Net change in short-term borrowings           19,000      176,000
  Debt issuance costs                             (378)      (1,506)
  Principal payments on notes                  (46,341)    (100,506)
  Extraordinary loss on early
    extinguishment of debt, net                    -         (4,138)
  Leveraged Employee Stock Ownership Plan:
    Purchase of shares                              (2)          (3)
    Repayments from loan                           186          169
  Net change in cash overdraft                   3,610       (2,493)
  Preferred stock dividends paid                (9,247)     (10,532)
  Repurchase of preferred stock                (25,000)         -
  Investment contract deposits                  39,257       11,726
  Investment contract withdrawals              (32,176)     (29,338)
                                           ------------------------
Net cash provided (used) by
  financing activities                         (51,091)      39,379
                                           ------------------------
Increase (decrease)in cash and
  cash equivalents                             (17,456)      (7,921)
Cash and cash equivalents at
  beginning of period                           31,606       41,752
                                           ------------------------
Cash and cash equivalents at
  end of period                           $     14,150       33,831
                                           ========================



The  accompanying notes are an integral part of these  consolidated financial
statements.
<PAGE> 10
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

              Notes to Consolidated Financial Statements

       September 30, 1998, March 31, 1998 and September 30, 1997
                              (Unaudited)


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION
     AMERCO,  a  Nevada  corporation (the  Company),  is  the  holding
company  for  U-Haul International, Inc. (U-Haul), Amerco Real  Estate
Company  (AREC), Republic Western Insurance Company (RWIC) and  Oxford
Life Insurance Company (Oxford).

PRINCIPLES OF CONSOLIDATION
     The consolidated financial statements include the accounts of the
parent corporation, AMERCO, and its subsidiaries, substantially all of
which  are  wholly-owned.   All  material  intercompany  accounts  and
transactions of AMERCO and its subsidiaries have been eliminated.
     
     The  consolidated  balance sheets as of September  30,  1998  and
1997, and the related consolidated statements of earnings, changes  in
stockholders' equity and cash flows for the six months ended September
30,  1998  and  1997 are unaudited; in the opinion of management,  all
adjustments  necessary  for  a  fair presentation  of  such  financial
statements  have  been included.  Such adjustments consisted  only  of
normal   recurring  items.   Interim  results  are   not   necessarily
indicative of results for a full year.
     
     The   operating  results  and  financial  position  of   AMERCO's
consolidated insurance operations are determined on a one quarter lag.
There  were  no  effects  related to intervening  events  which  would
significantly  affect consolidated financial position  or  results  of
operations for the financial statements presented herein.
     
     The financial statements and notes are presented as permitted  by
Form  10-Q  and  do not contain certain information  included  in  the
Company's annual financial statements and notes.
     
     Basic  earnings  per  common  share are  computed  based  on  the
weighted  average  number  of  shares  outstanding  for  the   period,
excluding  shares of the employee stock ownership plan that  have  not
been  committed to be released. Preferred dividends include undeclared
or  unpaid  dividends  of  the Company.  Net  income  is  reduced  for
preferred  dividends for the purpose of the calculation.  The  Company
does not have any potential common stock that was not included in  the
calculation  of diluted earnings per share because it is  antidilutive
in  the  current period.  Accordingly, basic and diluted earnings  per
share are equal.
     
     Certain   reclassifications  have  been  made  to  the  financial
statements for the six months ended September 30, 1997 to conform with
the current year's presentation.
<PAGE> 11
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)


2.   INVESTMENTS
  
       A comparison of amortized cost to market for fixed maturities is as
       follows:

  June 30, 1998        
  -------------        Par Value               Gross       Gross    Estimated
  Consolidated         or number  Amortized  unrealized  unrealized   market
  Held-to-Maturity     of shares     cost      gains       losses      value
                       ------------------------------------------------------
                                            (in thousands)

  U.S. treasury
    securities
    and government
    obligations        $  13,415  $  13,249      1,413         -      14,662
  U.S. government
    agency mortgage-
    backed securities  $  35,518     33,336        501        (458)   33,379
  Obligations of
    states and
    political
    subdivisions       $  26,745     26,642      1,243         -      27,885
  Corporate
    securities         $ 140,772    143,464      4,178        (283)  147,359
  Mortgage-backed
    securities         $  89,282     88,070      1,879        (279)   89,670
  Redeemable preferred
    stocks                 4,159    105,804      1,191        (771)  106,224
                                    ----------------------------------------

                                    410,565     10,405      (1,791)  419,179
                                    ----------------------------------------

  June 30, 1998        
  -------------        Par Value               Gross       Gross    Estimated
  Consolidated         or number  Amortized  unrealized  unrealized   market
  Available-for-Sale   of shares     cost      gains       losses      value
                       ------------------------------------------------------
                                            (in thousands)

  U.S. treasury
    securities and
    government
    obligations        $  18,205     18,319        974          (3)   19,290
  U.S. government
    agency mortgage-
    backed securities  $  33,332     32,795      1,281          (7)   34,069
  States,
    municipalities
    and political
    subdivisions       $   8,137      8,537        416         (15)    8,938
  Corporate
    securities         $ 337,912    337,709     12,273      (1,351)  348,631
  Mortgage-backed
    securities         $  50,652     50,459      1,190         (25)   51,624
  Redeemable preferred
    stocks                 1,126     28,747        664        (174)   29,237
                                    ----------------------------------------

                                    476,566     16,798      (1,575)  491,789
                                    ----------------------------------------

         Total                    $ 887,131     27,203      (3,366)  910,968
                                    ========================================

     



<PAGE> 12
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)


3.    SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES
     
        A summarized consolidated balance sheet for RWIC is presented below:

                                                             June 30,
                                                    ----------------------
                                                         1998        1997
                                                    ----------------------
                                                          (in thousands)

    Investments - fixed maturities                 $   431,983     412,140
    Other investments                                   22,829      24,014
    Receivables                                        139,927     117,613
    Deferred policy acquisition costs                    6,116       9,217
    Due from affiliate                                  23,533      32,521
    Deferred federal income taxes                       17,244      16,851
    Other assets                                         8,588       9,867
                                                       -------------------

         Total assets                              $   650,220     622,223
                                                       ===================

    Policy liabilities and accruals                $   380,188     348,252
    Unearned premiums                                   47,562      55,235
    Other policyholders' funds and liabilities          22,891      22,166
                                                       -------------------
      Total liabilities                                450,641     425,653

    Stockholder's equity                               199,579     196,570
                                                       -------------------

         Total liabilities and
           stockholder's equity                    $   650,220     622,223
                                                       ===================


        A summarized consolidated income statement for RWIC is presented below:

                                                        Six months ended
                                                       -------------------
                                                             June 30,
                                                       -------------------
                                                         1998        1997
                                                       -------------------
                                                          (in thousands)

    Premiums                                       $    65,261      78,996
    Net investment income                               16,652      15,280
                                                       -------------------
      Total revenue                                     81,913      94,276

    Benefits and losses                                 56,540      69,918
    Amortization of deferred policy
      acquisition costs                                  2,401       4,311
    Other expenses                                      16,454      14,224
                                                       -------------------
        Income from operations                           6,518       5,823
    Federal income tax expense                          (1,960)     (1,645)
                                                       -------------------

        Net income                                 $     4,558       4,178
                                                       ===================
<PAGE> 13
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)


3.    SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES,
      continued

        A summarized consolidated balance sheet for Oxford is presented below:

                                                             June 30,
                                                    ----------------------
                                                         1998        1997
                                                    ----------------------
                                                          (in thousands)

    Investments - fixed maturities                 $   470,371     444,243
    Other investments                                  109,225     102,894
    Receivables                                         33,543      14,527
    Deferred policy acquisition costs                   47,132      38,288
    Due from affiliate                                    (307)        121
    Other assets                                        29,589       2,402
                                                       -------------------

        Total assets                               $   689,553     602,475
                                                       ===================

    Policy liabilities and accruals                $   139,224      81,928
    Premium deposits                                   429,730     427,556
    Other policyholders' funds and liabilities          19,475       5,108
    Deferred taxes                                      11,047      10,033
                                                       -------------------
      Total liabilities                                599,476     524,625

    Stockholder's equity                                90,077      77,850
                                                       -------------------

        Total liabilities and
          stockholder's equity                     $   689,553     602,475
                                                       ===================
     
        A summarized consolidated income statement for Oxford is presented
        below:

                                                       Six months ended
                                                             June 30,
                                                       -------------------
                                                         1998        1997
                                                       -------------------
                                                          (in thousands)

    Premiums                                       $    36,302      12,700
    Net investment income                                9,440       8,909
                                                       -------------------
      Total revenue                                     45,742      21,609

    Benefits and losses                                 23,451      12,115
    Amortization of deferred policy
      acquisition costs                                  6,398       2,812
    Other expenses                                       9,140       2,776
                                                       -------------------
        Income from operations                           6,753       3,906
    Federal income tax expense                          (2,088)     (1,085)
                                                       -------------------

        Net income                                 $     4,665       2,821
                                                       ===================


     On  November  21, 1997, Oxford purchased all of  the  issued  and
outstanding  shares  of Encore Financial, Inc.  and  its  subsidiaries
(Encore)  for  $11,569,000.   Encore's  primary  subsidiary  is  North
American  Insurance  Company  (NAI).   NAI  is  an  insurance  company
domiciled in Wisconsin whose premium volume is primarily derived  from
the  sale of credit life and disability products.  NAI owns all of the
issued and outstanding common shares of North American Fire & Casualty
Insurance Company, a property and casualty insurance company domiciled
in Louisiana.
     
     On  November  24, 1997, Oxford purchased all of  the  issued  and
outstanding  shares of Safe Mate Life Insurance Company, domiciled  in
Texas, for $2,243,000.  Safe Mate's premium volume is derived from the
sale  of credit life and disability products.  These purchases greatly
increase  Oxford's  distribution channels and  enhance  administrative
capabilities in these markets.
<PAGE> 14
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)


4.    ACCUMULATED OTHER COMPREHENSIVE INCOME

        A summary of accumulated comprehensive income components follows:

                                          Foreign     Unrealized  Accumulated
                                         currency    gain (loss)  comprehensive
                                        translation on investments  income
                                        ---------------------------------------
                                                   (in thousands)

        Balance at March 31, 1998       $ (18,675)       9,291           (9,384)
          Foreign currency translation     (5,496)         -             (5,496)
          Unrealized gain (loss)
            on investments                    -           (762)            (762)
                                         --------------------------------------
     
        Balance at September 30, 1998   $ (24,171)       8,529          (15,642)
                                         ======================================
     
        Balance at March 31, 1997       $ (14,133)       4,411           (9,722)
          Foreign currency translation       (520)         -               (520)
        Unrealized gain (loss)
          on investments                      -           (182)            (182)
                                         --------------------------------------
     
        Balance at September 30, 1997   $ (14,653)       4,229          (10,424)
                                         ======================================

5.    CONTINGENT LIABILITIES AND COMMITMENTS

        During the six months ended September 30, 1998, a subsidiary of U-Haul
entered into ten transactions, and has subsequently entered into two additional
transactions, whereby the Company sold rental trucks and subsequently leased
back.  The Company has guaranteed $18,212,000 of residual values at
September 30, 1998, and an additional $2,439,000 of residual values subsequent
to September 30, 1998 for these assets at the end of the respective lease
terms.  U-Haul also subsequently entered into one transaction, whereby the
Company sold and subsequently leased back computer equipment.  Following are
the lease commitments for the leases executed during the six months ended
September 30, 1998, and subsequently which have a term of more than one year
(in thousands):

                                              Net activity
             Year ended           Lease       subsequent to
              March 31,        Commitments      period end      Total
           ----------------------------------------------------------

             1999              $   8,344            907         9,251
             2000                 12,514          2,040        14,554
             2001                 12,514          2,040        14,554
             2002                 12,514          2,040        14,554
             2003                 12,514          2,040        14,554
             Thereafter           29,817          5,210        35,027
                                 ------------------------------------
                               $  88,217         14,277       102,494
                                 ====================================

  
                                   
        In the normal course of business, the Company is a defendant in 
a number of suits and claims.  The Company is also a party to several
administrative  proceedings arising from state and  local  provisions
that regulate the removal and/or clean-up of underground fuel storage
tanks.   It  is  the opinion of management that none of  such  suits,
claims  or proceedings involving the Company, individually or in  the
aggregate are expected to result in a material loss.
<PAGE> 15
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)


6.    SUPPLEMENTAL CASH FLOWS INFORMATION

        The  (increase) decrease in receivables, inventories and accounts
  payable and accrued liabilities net of other operating and investing
  activities follows:

                                            Six Months ended September 30,
                                            ------------------------------
                                                  1998              1997
                                            ------------------------------
                                                      (in thousands)

        Receivables                       $     (25,092)           (14,736)
                                            ==============================

        Inventories                       $      (6,349)            (6,479)
                                            ==============================

        Accounts payable and
          accrued liabilities             $     (12,195)           (26,112)
                                            ==============================

        Income taxes paid in cash amounted to $820,000 and $1,159,000 for
the six months ended September 30, 1998 and 1997, respectively.
     
        Interest paid in cash amounted to $36,921,000 and $44,609,000 for
the six months ended September 30, 1998 and 1997, respectively.
     
     
7.    EARNINGS PER SHARE

        The following table reflects the calculation of the earnings per share:
     

                                      Six months ended         Quarter ended
                                         September 30,          September 30,
                                       1998        1997        1998       1997
                                -----------------------------------------------
                                (in thousands except share and per share data)
Earnings from operations
  before extraordinary
  loss on early extinguishment
  of debt                       $     73,401      68,230      42,171     39,032
Less dividends
  on preferred shares                  9,073      10,571       4,586      5,316
                                  ----------------------  ---------------------
                                      64,328      57,659      37,585     33,716
Extraordinary loss on early
  extinguishment  of  debt               -        (4,138)        -       (4,138)
                                  ----------------------  ---------------------


Net earnings for per
  share calculation             $     64,328      53,521      37,585     29,578
                                  ======================  =====================


Net earnings for per share:

Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt                       $       2.93        2.63        1.71       1.54
Extraordinary loss on early
   extinguishment of debt, net            -        (0.19)         -       (0.19)
                                  ----------------------  ---------------------

Net earnings                    $       2.93        2.44        1.71       1.35
                                  ======================  =====================


Weighted average common           
  shares outstanding              21,930,301  21,884,614  21,935,854 21,890,072
                                  ======================  =====================

     
<PAGE> 16
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)
                                   
                                   
8.    RELATED PARTIES

        During the six months ended September 30, 1998, a subsidiary held
various senior and junior notes with SAC Holding Corporation and its
subsidiaries (SAC Holdings).  The voting common stock of SAC Holdings is held
by Mark V. Shoen, a major stockholder of the Company.
     
        The Company's subsidiary received interest payments of $4,167,000
from SAC Holdings during the six months ended September 30, 1998.
     
        The Company currently manages  the  properties  owned  by  SAC
Holdings  pursuant to a management agreement, under which the  Company
receives  a management fee equal to 6% of the gross receipts from  the
properties.  The Company received management fees of $1,074,000 during
the   six  months  ended  September  30,  1998.   The  management  fee
percentage  is  consistent with the fees received by the  Company  for
other properties managed by the Company.

        As of September 30, 1998, a subsidiary of the Company funded the
purchase of eleven properties by SAC Holdings for approximately $6,708,000.


9.    NEW ACCOUNTING STANDARDS

        On April 1, 1995, the Company implemented Statement of Position 93-7,
"Reporting on Advertising Costs", issued by the Accounting Standards Executive
Committee in December 1993.  This statement of position provides guidance on
financial reporting on advertising costs in annual financial statements.  The
Company is currently reviewing its implementation procedures.
     
     In  June  1998, the Financial Accounting Standards Board  issued
Statement of Financial Accounting Standards No. 133, "Accounting  for
Derivative  Instruments  and  Hedging  Activities".   This  statement
standardizes  the accounting for derivative instruments by  requiring
that an entity recognize those items as assets or liabilities in  the
statement  of financial position and measure them at fair value.   It
also provides for matching the timing of gain or loss recognition  on
the hedging instrument with the recognition of (a) the changes in the
fair  value  of hedged asset or liability attributable to the  hedged
risk or (b) the earnings effect of the hedged forecasted transaction.
This  statement becomes effective for fiscal periods beginning  after
June  15,  1999.  The Company is evaluating the effect this statement
will have on its financial reporting and disclosures and when it will
adopt the statement.
     
     Other pronouncements issued by the Financial Standards Board with
future  effective dates are either not applicable or not  material  to
the consolidated financial statements of the Company.


<PAGE> 17
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)
                                   
                                   
10.   INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA
     
        Industry Segment Data - AMERCO's three industry segments  are
Moving  and  Storage Operations, Property and Casualty Insurance  and
Life  Insurance.   Moving and Storage Operations is composed  of  the
operations  of  U-Haul International, Inc., which is engaged  in  the
rental  of  various kinds of equipment and sales of related  products
and  services and AREC.  Property and Casualty Insurance is  composed
of  the  operations  of  Republic  Western  Insurance  Company  which
operates  in various property and casualty lines.  Life Insurance  is
composed  of  the operations of Oxford Life Insurance  Company  which
operates in various life, accident and health and annuity lines.

     Information concerning operations by industry segment follows:
     
                   Moving    Property/             Adjustments
                 and Storage Casualty     Life         and
                 Operations  Insurance  Insurance  Eliminations  Consolidated
                 ------------------------------------------------------------
                                     (in thousands)

1998
----
Revenues:
 Outside         $  707,194     77,162     45,153          -         829,509
 Intersegment           -        4,751        589       (5,340)          -
                  ----------------------------------------------------------
 Total revenue   $  707,194     81,913     45,742       (5,340)      829,509
Depreciation/
 amortization    $   33,576      3,438     10,662          -          47,676
Interest expense,
  net of interest
  income
  of $6,878      $   29,757        -          -            -          29,757
Pretax earnings  $   99,364      6,518      6,753          -         112,635
Income tax       $   35,186      1,960      2,088          -          39,234
Identifiable
  assets         $1,922,349    650,220    689,553     (330,654)    2,931,468

1997
----
Revenues:
 Outside         $  676,458     83,031     20,933          -         780,422
 Intersegment           -       11,245        676      (11,921)          -
                  ----------------------------------------------------------
 Total revenue   $  676,458     94,276     21,609      (11,921)      780,422
Depreciation/
  amortization   $   34,249      5,337      2,782          -          42,368
Interest expense,
  net of interest
  income
  of $7,064      $   33,644        -          -            -          33,644
Pretax earnings  $   93,506      5,823      3,906          -         103,235
Income tax       $   32,275      1,645      1,085          -          35,005
Identifiable
 assets          $1,961,218    622,223    602,475     (323,913)    2,862,003
<PAGE> 18
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)


10.   INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued

Geographic Area Data -             United States    Canada    Consolidated
                                   ---------------------------------------
  (All amounts are in U.S. $'s)                 (in thousands)

1998
----
Total revenues                      $   811,223      18,286       829,509
Depreciation/amortization           $    46,038       1,638        47,676
Interest expense, net               $    29,874        (117)       29,757
Income tax                          $    39,234         -          39,234
Identifiable assets                 $ 2,892,406      39,062     2,931,468

1997
----
Total revenues                      $   761,326      19,096       780,422
Depreciation/amortization           $    41,091       1,277        42,368
Interest expense, net               $    33,736         (92)       33,644
Income tax                          $    35,005         -          35,005
Identifiable assets                 $ 2,803,759      58,244     2,862,003


11.   SUBSEQUENT EVENTS

        On November 3, 1998, the Company declared a cash dividend of $3,241,000
  ($0.53125 per preferred share) to preferred stockholders of record as of
  November 13, 1998.
<PAGE> 19     
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.

GENERAL
     Information  on  industry segments is incorporated  by  reference
from  "Item 1.  Financial Statements - Notes 1, 3 and 10 of  Notes  to
Consolidated Financial Statements".  The notes discuss the  principles
of  consolidation, summarized consolidated financial  information  and
industry  segment  and  geographical  area  data,  respectively.    In
consolidation,  all  intersegment  premiums  are  eliminated  and  the
benefits, losses and expenses are retained by the insurance companies.
     

RESULTS OF OPERATIONS

SIX MONTHS ENDED SEPTEMBER 30, 1998 VERSUS SIX MONTHS ENDED SEPTEMBER 30, 1997

Moving and Storage Operations
     Revenues consist of rental revenues and net sales.
     
     Total rental revenues increased by $27.6 million, 4.8%, to $598.9
million during the first six months of fiscal 1999.  Net revenues from
the  rental  of  moving related equipment increased by  $24.8  million
primarily  due to an increase in truck rental revenue.  The growth  in
truck  rental revenue reflects higher utilization, increased inventory
levels and improved in-town utilization.
     
     Net  sales  revenues  were $107.6 million during  the  first  six
months  of fiscal 1999, which represents a 1.9% increase, compared  to
fiscal 1998 net sales of $105.6 million.  Revenue growth from the sale
of  moving  support  items (i.e. boxes, etc.),  which  increased  6.7%
during this period, led to the improvement.
     
     Cost  of  sales was $62.9 million during the first six months  of
fiscal  1999, which represents an increase of 4.0%, compared to  $60.5
million  in  fiscal  1998.  Increased sales of moving  support  items,
combined  with  higher  material costs for the moving  support  items,
were the major contributing factor.
     
     Operating  expenses increased to $426.7 million during the  first
six months of fiscal 1999 from $404.1 million compared to fiscal 1998,
an increase of 5.6%.  Higher rental equipment maintenance expenditures
are  due  to  an  increase  in  fleet  size  and  transaction  levels.
Equipment maintenance expenditures are within the planned target range
for fiscal 1999.
     
     Lease  expense  increased to $56.5 million during the  first  six
months  of  fiscal  1999  compared to $45.5 million  in  fiscal  1998.
Additional  leasing  activity over the past nine months  reflects  the
increase.
     
     Net  depreciation  expense stayed consistent during  the  period,
$31.9  million during the first six months of fiscal 1999 compared  to
$31.4 million in fiscal 1998.  An increase in gain on sale of property
offset  by an increase in depreciation expense relating to  rental
equipment accounted for the minimal change.

Property and Casualty
     RWIC  gross  premium writings for the six months ended  June  30,
1998  were  $76.9 million as compared to $87.9 million in  1997.   The
decrease in premium writings resulted primarily from reduced insurance
transactions with U-Haul.  The rental industry share of total premiums
declined  to  41.6% in 1998 as compared to 51.4% in 1997  due  to  the
decrease   in  U-Haul  transactions.   RWIC  underwrites  professional
reinsurance  via  broker markets and premiums in this  area  increased
during  the  six  months ended June 30, 1998 to 35.3% of  total  gross
premiums,  from 34.4% in 1997.  RWIC's direct multiple peril  coverage
accounted  for  15.7% of total gross premiums during  the  six  months
ended  June  30,  1998,  as compared to 11.9% in  1997.   Premiums  in
selected  general  agency lines increased to a 7.4% of  gross  written
premiums  in  1998  as compared to a 2.3% in 1997.  Increased  written
premium  on  the  excess workers compensation business contributed  to
this increase.
<PAGE> 20
     Net earned premiums decreased to $65.3 million for the six months
ended  June  30,  1998,  compared with $79.0 million  for  1997.   The
premium  decrease resulted from the U-Haul Liability programs  in  the
rental  industry  market which decreased to $28.7 million  from  $45.1
million  in 1997.  An additional $0.2 million decrease is due  to  the
general agency lines program which consisted of $3.2 million and  $3.4
million  for the six months ended June 30, 1998 and 1997, respectively.
Direct multiple peril net earned premiums increased to $9.8 million at
June  30,  1998  compared to $7.8 million for  1997.   Assumed  treaty
reinsurance increased to $23.5 million for the six months ending  June
30, 1998 as compared to $22.7 million in 1997.

     Net  investment income was $16.7 million for the six months ended
June 30, 1998, an increase of 9.2% over 1997 net investment income  of
$15.3 million.  The increase resulted from enhanced yield provided  by
an increased investment in preferred stock.

     Underwriting  expenses incurred were $75.4 million  for  the  six
months ended June 30, 1998, a decrease of $13.1 million, or 14.8% from
1997.   The loss and loss adjustment expenses incurred decreased $13.9
million primarily due to the reduction in transactions with U-Haul and
corresponds  to the decrease in liabilities for unpaid claims  due  to
estimated  future  losses  for current and prior  policies  for  those
transactions.   All  other  underwriting  expenses  increased  in  the
aggregate by $0.8 million.

     RWIC  completed the six months ending June 30, 1998  with  income
before  tax  expense of $6.5 million as compared to $5.8  million  for
1997.   This  represents an increase of $0.7 million,  or  12.1%  over
1997.   The  increase  resulted primarily from decreased  underwriting
expenses and increased realized gains.

Life Insurance
     Total  premiums  from  Oxford  and its  subsidiaries  were  $36.3
million  for the six months ended June 30, 1998, an increase of  $23.6
million  over  1997.   These  increases  are  primarily  due  to   the
acquisition  of North American Insurance Company (NAI) and  Safe  Mate
Life Insurance Company (SML).

     Premiums  from  Oxford's  reinsurance lines  before  intercompany
eliminations  were  $11.2 million for the six months  ended  June  30,
1998, an increase of $2.5 million or approximately 28.7% over 1997 and
accounted for 30.9% of Oxford's premiums in 1998.  These premiums  are
primarily  from  term  life insurance, credit life  and  accident  and
health  insurance, and deferred annuity contracts that  have  matured.
Increases   in  premiums  are  primarily  from  new  credit  insurance
reinsurance contracts.

     Premiums   from   Oxford's  direct  lines   before   intercompany
eliminations were $4.3 million for the six months ended June 30, 1998,
an  increase  of  $254 thousand or 6.3% from 1997.  This  increase  in
direct  premium  is primarily attributable to writing  of  new  Single
Premium  Whole  Life  policies.  Oxford's direct business  related  to
group  life and disability coverage issued to employees of the Company
for  the  six  months ended June 30, 1998 accounted for  approximately
3.4%  of  premiums.   Other direct lines, including  credit  life  and
health business, accounted for approximately 8.3% of Oxford's premiums
in  1998.  Premiums from Oxford's subsidiaries, NAI and SML were $20.4
million  and accounted for 56.3% of premiums for the six months  ended
June 30, 1998.

     Net  investment income before intercompany eliminations was  $9.4
million  and $8.9 million for the six months ended June 30,  1998  and
1997,  respectively.   This increase is due to  a  larger  asset  base
resulting from the acquisition of NAI and SML.

     Benefits  and expenses incurred were $41.2 million  for  the  six
months ended June 30, 1998.  Oxford's benefits and expenses were $22.1
million,  an  increase of 25.6% over 1997. This increase is  primarily
due  to increases in the amortization of policy acquisition costs  for
new  credit  insurance  policies.  Benefits and  expenses  related  to
Oxford's subsidiaries were $19.1 million for the six months ended June
30, 1998.
     
     Operating  profit before tax and before intercompany eliminations
increased  by  $2.8 million or approximately 72.8%  in  1998  to  $6.8
million, primarily due to the acquisition of NAI and SML.

Interest Expense
     Net  interest expense declined to $29.8 million during the  first
six  months  of fiscal 1999, as compared to $33.6 million compared  to
fiscal  1998.   The decrease can be attributed to a reduction  in  the
average   cost  of  debt  and  a  decrease  in  average  debt   levels
outstanding.
<PAGE> 21
Extraordinary Loss on Extinguishment of Debt
     During   the   second  quarter  of  fiscal  1998,   the   Company
extinguished $76.0 million of 10.27% interest-bearing notes originally
due  in  fiscal  1999  through  fiscal  2002.   This  resulted  in  an
extraordinary loss of $4.1 million, net of tax of $2.3 million  ($0.19
per share).

     
Consolidated Group
     As  a  result of the foregoing, pretax earnings of $112.6 million
were realized during the first six months of fiscal 1999,, as compared
to  $103.2 million for fiscal 1998.  After providing for income  taxes
and  an  extraordinary  loss  from the  extinguishment  of  debt,  net
earnings  for the first six months of fiscal 1999 were $73.4  million,
as compared to $64.1 million for fiscal 1998.

QUARTERLY RESULTS
     The  following table presents unaudited quarterly results for the
ten  quarters  in  the  period beginning  April  1,  1996  and  ending
September   30,  1998.   The  Company  believes  that  all   necessary
adjustments have been included in the amounts stated below to  present
fairly,   and   in  accordance  with  generally  accepted   accounting
principles,   the  selected  quarterly  information   when   read   in
conjunction  with  the consolidated financial statements  incorporated
herein  by  reference.  The  Company's U-Haul  rental  operations  are
seasonal  and  proportionally more of the Company's revenues  and  net
earnings from its U-Haul rental operations are generated in the  first
and  second  quarters  of each fiscal year (April through  September).
The  operating  results for the periods presented are not  necessarily
indicative  of results for any future period (in thousands except  for
share and per share data).
     
                                     Quarter Ended
                                -----------------------
                                    Jun 30      Sep 30
                                      1998        1998
                                -----------------------
Total revenues                 $    389,338     440,171
Net earnings                         31,230      42,171
Weighted average common
  shares outstanding (4)         21,924,749  21,935,854
Net earnings
  per common share (both basic
  and diluted) (1)                     1.21        1.71
          
                                                 Quarter Ended
                                ----------------------------------------------
                                   Jun 30      Sep 30      Dec 31      Mar 31
                                     1997        1997        1997        1998
                                ----------------------------------------------
Total revenues                 $   372,021     412,774     322,543     298,607
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt (6) (7)                   29,198      39,032      (5,390)    (14,184)
Net earnings (loss) (3) (6) (7)     29,198      34,894     (15,236)    (13,872)
Weighted average common
  shares outstanding (4)        21,879,156  21,890,072  21,901,521  21,913,654
Earnings (loss) from operations
  before extraordinary loss
  on early extinguishment
  of debt per common
  share (2) (6) (7)                   1.09        1.54       (0.49)      (0.85)
Net earnings (loss) per
  common share (both basic
  and diluted) (1) (2) (4)
  (6) (7)                             1.09        1.35       (0.94)      (0.84)
<PAGE> 22
                                                 Quarter Ended
                                ---------------------------------------------- 
                                   Jun 30      Sep 30      Dec 31      Mar 31
                                     1996        1996        1996        1997
                                ----------------------------------------------
Total revenues                 $   361,053     398,449     316,892     283,381
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt (5)                       40,005      39,741      (9,538)    (16,024)
Net earnings (loss) (5)             40,005      37,737      (9,853)    (16,024)
Weighted average common
  shares outstanding (4)        32,015,301  27,675,192  20,359,873  21,868,241
Earnings (loss) from operations
  before extraordinary loss
  on early extinguishment
  of debt per common share
  (1) (4) (5)                         1.15        1.29       (0.72)      (0.97)
Net earnings (loss) per
  common share (both basic
  and diluted) (1) (4) (5)            1.15        1.22       (0.74)      (0.97)


_______________
(1) Net earnings (loss) per common share amounts were computed after giving
    effect to the dividends on the Company's Preferred Stock.

(2) Reflects the adoption of Statement of Position 98-1, "Accounting for the
    Costs of Computer Software Developed or Obtained for Internal Use" during
    the fourth quarter of fiscal 1998.

(3) Reflects the change in estimated residual values during the fourth quarter
    of fiscal 1998.

(4) Reflects the acquisition of treasury shares acquired pursuant to the Shoen
    Litigation as discussed in "Item 7. Management's Discussion and Analysis of
    Financial Condition and Results of Operations-Stockholder Litigation" of
    the Company's Form 10-K for the year ended March 31, 1998.

(5) During second quarter of fiscal 1997, the Company extinguished
    $76.3 million of debt and $86.2 million of its long-term notes originally
    due in fiscal 1997 through fiscal 1999.  This resulted in an extraordinary
    loss of $2.3 million, net of tax of $1.4 million ($0.09 per share).

(6) During the second quarter of fiscal 1998, the Company extinguished
    $76.0 million of 10.27% interest-bearing notes originally due in
    fiscal 1999 through fiscal 2002.
    This resulted in an extraordinary loss of $4.0 million, net of tax
    of $2.4 million ($0.18 per share).

(7) During the third quarter of fiscal 1998, the Company extinguished
    $255.0 million of 6.43% to 8.13% interest-bearing notes originally due in
    fiscal 1999 through fiscal 2010.  This resulted in an extraordinary loss of
    $9.7 million, net of tax of $5.6 million ($0.44 per share).

<PAGE> 23
QUARTER ENDED SEPTEMBER 30, 1998 VERSUS QUARTER ENDED SEPTEMBER 30, 1997

Moving and Storage Operations
     Revenues consist of rental revenue and net sales.
     
     Rental revenue increased by $11.3 million, approximately 3.7%, to
$317.5 million in the second quarter of fiscal 1999.  This reflects  a
$9.9  million  increase in revenues from the rental of moving  related
equipment  reflecting higher truck inventory levels and  improved  in-
town truck utilization.
     
     Net  sales  were  $51.3 million in the second quarter  of  fiscal
1999,  which represents an increase of 2.4% from fiscal 1998 net sales
of  $50.1  million.   Revenue growth from the sale of  moving  support
items  (i.e.  boxes,  etc.)  accounted for  the  increase  during  the
quarter.
     
     Cost  of sales was $30.2 million in the second quarter of  fiscal
1999, which represents an increase of 1.7% from $29.7 million for  the
same  period in fiscal 1998.  The increase in cost of sales  primarily
reflects  increased  material costs from the sale  of  moving  support
items which can be attributed to a higher sales level.
     
     Operating expense was relatively stable at $222.1 million for the
second  quarter of fiscal 1999 compared to $220.3 million  for  fiscal
1998.
     
     Lease  expense increased to $29.6 million for the second  quarter
of  fiscal  1999 compared to $22.4 million in fiscal 1998.  Additional
leasing activity over the past nine months reflects the increase.
     
     Net  depreciation expense for the second quarter of  fiscal  1999
was  $14.3 million, as compared to $10.8 million in fiscal  1998.   An
increase  in  gain  on  sale  of property offset  by  an  increase  in
depreciation  expense relating to rental equipment accounted  for  the
change.
     

Property and Casualty
     RWIC  gross premium writings for the quarter ended June 30,  1998
were  $50.8  million  as  compared to  $54.9  million  in  1997.   The
decreased  premium writings resulted primarily from reduced  insurance
transactions with U-Haul.  The rental industry share of total premiums
declined  to 54.1% for the quarter ended June 30, 1998 as compared  to
58.7%  for 1997.  RWIC underwrites professional reinsurance via broker
markets, and premiums in this area decreased during the second quarter
of  1998  to  27.9% of total gross premiums, from 28.8%  during  1997.
Direct  multiple peril coverage of various commercial  properties  and
businesses  accounted for 13.8% of total gross written premium  during
the  second  quarter of 1998, as compared to 11.4% in  1997.   General
agency premiums increased to 4.2% of gross written premiums during the
second quarter of 1998 as compared to 1.3% in 1997. This increase  can
be   attributed   to   decreased  rental  industry  and   professional
reinsurance  written premiums and increased writing of excess  workers
compensation.

     Net  earned  premiums decreased to $42.5 million for the  quarter
ended  June  30,  1998,  compared with $44.5 million  for  1997.   The
premium  decrease resulted from the U-Haul Liability programs  in  the
rental industry market which decreased $3.8 million from $26.8 million
for  1997.  Offsetting this decrease in net earned premiums was a $1.1
million  increase  in  the general agency and  direct  multiple  peril
business,  which consisted of $1.6 million and $4.9 million  for  June
30,  1998  and  $1.4  million and $4.0 million in 1997,  respectively.
Assumed  treaty increased to $13.0 million for the quarter ended  June
30, 1998 as compared to $12.3 million for 1997.
     
     Net investment income was $8.5 million for the quarter ended June
30,  1998, an increase of 6.3% over 1997 net investment income of $8.0
million.   The  increase resulted from enhanced yield provided  by  an
increased investment in preferred stock.

     Underwriting expenses incurred were $46.7 million for the quarter
ended  June  30, 1998, a decrease of $5.1 million, or 9.8% from  1997.
The  losses and loss adjustment expenses incurred a decrease  of  $4.7
million   resulting   primarily  from  the  reduction   in   insurance
transactions   with  U-Haul  and  corresponds  to  the   decrease   in
liabilities  for  unpaid  claims due to estimated  future  losses  for
current  and  prior policies for those transactions.  Net  commissions
decreased  $1.3 million due to decreased assumed reinsurance  deferred
acquisition  costs,  which  corresponds to the  decrease  in  unearned
premiums  compared to 1997.  All other underwriting expenses increased
in the aggregate by $0.9 million.
<PAGE> 24
     RWIC completed the second quarter of 1998 with income before  tax
expense  of  $4.3  million as compared to $0.8 million  for  the  same
period  in  1997.   This represents an increase of  $3.5  million,  or
437.5%  over  1997.   The increase resulted primarily  from  decreased
underwriting expenses.
Life Insurance
     Total  premiums  from  Oxford  and its  subsidiaries  were  $20.3
million  for  the  quarter ended June 30, 1998, an increase  of  $13.5
million  compared  to 1997.  These increases are  due  to  new  Single
Premium Whole Life Writings and the acquisition of NAI and SML.

     Premiums  from  Oxford's  reinsurance lines  before  intercompany
eliminations were $6.1 million for the quarter ended June 30, 1998,  a
decrease  of $700 thousand or 10.2% over 1997 and accounted for  30.0%
of  Oxford's  premiums  in the quarter ended  June  30,  1998.   These
premiums  are primarily from term life insurance and deferred  annuity
contracts that have matured.  Decreases in premiums are primarily from
these matured reinsurance agreements.
     
     Premiums   from   Oxford's  direct  lines   before   intercompany
eliminations were $2.5 million in the quarter ended June 30, 1998,  an
increase of $500 thousand or 25.0% compared to 1997.  This increase in
direct premium is primarily attributable to the new writings of Single
Premium  Whole  Life  policies.  Oxford's direct business  related  to
group  life and disability coverage issued to employees of the Company
accounted for 3.0% of premiums.  Other direct lines, including  credit
life  and  health business, accounted for 8.9% of Oxford's premium  in
the quarter ended June 30, 1998.  Premiums from Oxford's subsidiaries,
NAI  and  SML, were $11.7 million and accounted for 57.8% of  premiums
for the quarter ended June 30, 1998.
     
     Net  investment income before intercompany eliminations was  $5.0
million for the quarter ended June 30, 1998 and $4.4 million for 1997.
     
     Benefits and expenses incurred were $23.7 million for the quarter
ended  June  30,  1998.   Oxford's benefits and  expenses  were  $12.2
million,  an  increase of 32.6% compared to 1997.   This  increase  is
primarily  due to increases in the amortization of policy  acquisition
costs.   Benefits  and expenses related to Oxford's subsidiaries  were
$11.5 million.
     
     Operating   profit  before  tax  and  intercompany   eliminations
increased  by  $1.1 million, or 57.9%, in the quarter ended  June  30,
1998 to $3.0 million, primarily due to the acquisition of NAI.

Interest Expense, net
     Net  interest expense was $14.7 million in the second quarter  of
fiscal  1999  versus  $16.2 million for 1997.   The  decrease  can  be
attributed  to  a  decrease in average debt levels outstanding  and  a
reduction in the average cost of debt.

Extraordinary Loss on Extinguishment of Debt
     During   the   second  quarter  of  fiscal  1998,   the   Company
extinguished $76.0 million of 10.27% interest-bearing notes originally
due  in  fiscal  1999  through  fiscal  2002.   This  resulted  in  an
extraordinary loss of $4.1 million, net of tax of $2.3 million  ($0.19
per share).
     
Consolidated Group
     As  a  result of the foregoing, pretax earnings of $65.3  million
were realized during the second quarter of fiscal 1999, as compared to
$59.1  million for fiscal 1998.  After providing for income taxes  and
extraordinary losses from the extinguishment of debt, net earnings for
the  second quarter of fiscal 1999 were $42.2 million, as compared  to
$34.9 million for fiscal 1998.
<PAGE> 25
LIQUIDITY AND CAPITAL RESOURCES

Moving and Storage Operations
     To  meet the needs of its customers, U-Haul must maintain a large
inventory  of  fixed asset rental items.  At September 30,  1998,  net
property, plant and equipment represented approximately 66.9% of total
U-Haul assets and approximately 43.9% of consolidated assets.  In  the
second  quarter  of  fiscal  1999, capital  expenditures  were  $190.0
million,  as  compared to $284.0 million for fiscal  1998,  reflecting
expansion  of the rental truck fleet.  These acquisitions were  funded
with internally generated funds from operations and lease financings.
     
     Cash  flows provided by operating activities were $100.1  million
for the first six months of fiscal 1999, as compared to $106.9 million
in  fiscal 1998.  An increase in receivables was a contributing factor
of the decrease.
     
Property and Casualty
     Cash  flows  provided (used) by operating activities were  $(8.8)
million  and $1.7 million for the six months ended June 30,  1998  and
1997, respectively.  The change resulted primarily from increased paid
losses recoverable, decreased loss and expense reserves, and a smaller
unearned premium increase compared to 1997.  Offsetting were increases
in accounts receivable, due from affiliates and other liabilities.

      RWIC's  cash  and  cash  equivalents and  short-term  investment
portfolio  were  $2.9 million and $5.5 million at June  30,  1998  and
1997,  respectively.  This balance reflects funds in  transition  from
maturity  proceeds  to long-term investments.  This  level  of  liquid
assets, combined with budgeted cash flow, is adequate to meet periodic
needs.   Capital  and operating budgets allow RWIC  to  schedule  cash
needs in accordance with investment and underwriting proceeds.

      RWIC  maintains  a diversified securities investment  portfolio,
primarily in bonds, at varying maturity levels with 94.6% of the fixed-
income  securities  consisting of investment  grade  securities.   The
maturity  distribution is designed to provide sufficient liquidity  to
meet future cash needs.  Current liquidity remains strong with current
invested assets equal to 118.4% of total liabilities.

      Stockholder's equity increased $3.0 million from $196.6  million
at  June  30, 1997 to $199.6 at June 30, 1998.  RWIC considers current
shareholder's  equity  to  be adequate to support  future  growth  and
absorb  unforeseen  risk events.  RWIC does not  use  debt  or  equity
issues  to  increase capital and therefore has no exposure to  capital
market conditions.

Life Insurance
      Oxford's primary sources of cash are premiums, deferred  annuity
sales  and  investment income.  The primary uses of cash are operating
costs  and benefit payments to policyholders.  Matching the investment
portfolio  to  the cash flow demands of the types of  insurance  being
written  is  an important consideration.  Benefit and claim statistics
are  continually  monitored  to provide  projections  of  future  cash
requirements.

     Cash flows provided by operating activities were $2.4 million and
$14.5  million  for  the  six months ended June  30,  1998  and  1997,
respectively.  Cash flows provided (used) by financing activities were
$7.1  million  and $(17.6) million for the six months ended  June  30,
1998  and 1997, respectively.  Cash flows from deferred annuity  sales
are a component of financing activities and result in the purchase  of
fixed  maturities, which are a component of investing activities.   In
addition  to  cash  flows from operating and financing  activities,  a
substantial amount of liquid funds is available through Oxford's short-
term  portfolio.   At  June 30, 1998 and 1997, short-term  investments
amounted  to $33.0 million and $4.5 million, respectively.  Management
believes that the overall sources of liquidity will continue  to  meet
foreseeable cash needs.

     Stockholder's equity of Oxford increased to $89.6 million in 1998
from  $77.8  million in 1997 primarily as a result  of  earnings  from
operations.
<PAGE> 26
      Applicable laws and regulations of the State of Arizona  require
the  Company's insurance subsidiaries to maintain minimum capital  and
surplus  determined in accordance with statutory accounting practices.
With respect to Oxford, the amount is $0.6 million.  In addition,  the
amount  of  dividends  that can be paid to shareholders  by  insurance
companies domiciled in the State of Arizona is limited.  Any  dividend
in  excess of the limit requires prior regulatory approval.  Statutory
surplus  which  can  be  distributed as dividends  without  regulatory
approval  is  zero  at  June  30, 1998.  These  restrictions  are  not
expected  to  have  a material adverse effect on the  ability  of  the
Company to meet its cash obligations.

Consolidated Group
     During  each of the fiscal years ending March 31, 1999, 2000  and
2001,   U-Haul  estimates  gross  capital  expenditures  will  average
approximately $325 million primarily reflecting rental fleet rotation.
This  level  of  capital expenditures, combined  with  an  average  of
approximately  $30-$115  million in annual long-term  debt  maturities
during this same period, are expected to create annual average funding
needs of approximately $325-$375 million.  Management estimates that U-
Haul  will  fund 100% of these requirements with internally  generated
funds,  including  proceeds from the disposition of older  trucks  and
other asset sales.

Credit Agreements
     The  Company's  operations  are  funded  by  various  credit  and
financing  arrangements,  including  unsecured  long-term  borrowings,
unsecured  medium-term  notes  and  revolving  lines  of  credit  with
domestic  and  foreign  banks.  Principally to finance  its  fleet  of
trucks  and  trailers,  the Company routinely  enters  into  sale  and
leaseback  transactions.  As of September 30, 1998,  the  Company  had
$998.0  million  in  total  notes and loans  payable  outstanding,  as
compared with $1,025.3 million at March 31, 1998, and $1,059.0 million
at  September  30,  1997.  Unutilized committed lines  of  credit  are
$225.0 million at September 30, 1998.
     
     Certain  of  the Company's credit agreements contain  restrictive
financial and other covenants, including, among others, covenants with
respect  to  incurring  additional indebtedness,  maintaining  certain
financial  ratios  and  placing  certain  additional  liens   on   its
properties  and  assets.  At September 30, 1998, the  Company  was  in
compliance with these covenants.
     
     The  Company  is  further restricted in the issuance  of  certain
types  of  preferred  stock.  The Company is prohibited  from  issuing
shares  of  preferred stock that provide for any mandatory redemption,
sinking  fund  payment  or mandatory prepayment,  or  that  allow  the
holders  thereof to require the Company or a subsidiary of the Company
to  repurchase such preferred stock at the option of such  holders  or
upon the occurrence of any event or events without the consent of  its
lenders.

     
Year 2000 Disclosure
     The  Company  is and has been working since 1997 to identify  and
evaluate  the changes necessary to its existing computerized  business
systems to make these systems compliant for Year 2000 processing.  The
Year 2000 processing problem is caused by currently installed computer
systems  and software products, including several used by the Company,
being  coded to accept only two digit entries in the date code  field.
Beginning in the year 2000, these date code fields will need to accept
four digit entries to distinguish 21st century dates from 20th century
dates.
     
     The  Company's date critical functions related to the  Year  2000
and  beyond,  such  as  rental transaction  processing  and  financial
systems,  may be adversely affected unless these computer systems  are
or  become  Year  2000  compliant.  The Company  has  been  replacing,
upgrading  or modifying key financial systems in the normal course  of
business.   The  Company  is  utilizing  both  internal  and  external
resources  to  identify, correct, reprogram and test its  systems  for
Year 2000 compliance.  The Company has completed the assessment phase.
The  Company's  internal information technology  conversion  phase  is
underway  and  on  schedule  with  the  testing  phase  scheduled  for
completion  by  fiscal year end.  In particular, the  Company  has  an
outside   consulting  firm  on-site  currently  making  the  necessary
modifications to existing systems.
     
     The  Company  is  also  reviewing its non-information  technology
items  for  Year 2000 compliance, such as rental vehicles and  storage
facilities security systems.
     
     The Company expects to be fully Year 2000 compliant by March 1999
at an estimated cost of approximately $2.0 million, of which $1.0 million
has been incurred through September 30, 1998.  Although the Company believes
it will achieve compliance on a timely basis and does not anticipate incurring
material costs beyond the estimated $2.0 million, no assurance can be given
<PAGE> 27 
that the Company's computer systems will be Year 2000 compliant by March 1999
or otherwise in a timely manner or that the Company will not incur significant
additional costs pursuing Year 2000 compliance.  If the appropriate
modifications are not made, or are not timely, the Year 2000 problem may have
a material adverse  effect on the Company.  Furthermore, even if the Company's
systems  will  be Year 2000 compliant, there can be no  assurance  the Company
will not be adversely affected by the failure of  others  to become  Year 2000
compliant.  For example, the Company may be affected by, among other things,
the failure of inventory suppliers, credit card processors, security companies
or other vendors and service providers to become Year 2000 compliant.
The Company is communicating with its major business partners to determine the
efforts being made on their part for compliance.  Critical vendors with
electronic data interchange will be scheduled for testing during the Company's
fourth quarter, with other vendor testing to be scheduled during the remainder
of the calendar year 1999.  The Company is in the process of developing a
contingency plan to be used, if in the most reasonably likely worst case
scenario, a business partner is not Year 2000 compliant.  It is anticipated
that the contingency plan will be completed by fiscal year end.
     
Despite the Company's efforts to date, there can be no assurance that the
Year 2000 problem will not have a material adverse effect on the Company
in the future.


                      PART II.  OTHER INFORMATION
                                   
                                   
ITEM 1.  LEGAL PROCEEDINGS

     As  disclosed in the Company's Form 10-K for the year ended March
31, 1998, a judgment was entered on February 21, 1995 in the action in
the  Superior Court of the State of Arizona, Maricopa County, entitled
Samuel W. Shoen, M.D. et al. v. Edward J. Shoen, et al., No. CV 88-20139
-------------------------------------------------------
(the "Shoen Litigation") against Edward J. Shoen in the amount of
$7.0 million as punitive damages.  On July 15, 1998, Edward J. Shoen
filed  an  appeal  with the United States  Supreme  Court  with
respect  to  the award of punitive damages.  On October 5,  1998,  the
punitive  damage award in the Shoen Litigation (which was subsequently
reduced  by partial settlement to $6.0 million) became final when  the
United States Supreme Court denied certiorari.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     The 1998 Annual Meeting of Stockholders was held August 28, 1998.
     
     At the 1998 Annual Meeting of Stockholders, William  E. Carty and
Charles  J. Bayer were elected to serve until the 2002 Annual  Meeting
of  Stockholders;  John P. Brogan and James J. Grogan were elected  to
fill  vacated  seats  until the 1999 Annual Meeting  of  Stockholders.
Edward  J.  Shoen  and Richard J. Herrera continue as  directors  with
terms that expire at the 2000 Annual Meeting of Stockholders;  John M.
Dodds and James P. Shoen continue to serve as directors until the 2001
Annual Meeting of Stockholders.
     
     The  following  table sets forth the votes cast for,  against  or
withheld,  as  well as the number of abstentions and broker  non-votes
with  respect  to each matter voted on at the 1998 Annual  Meeting  of
Stockholders:

Matters Submitted  Votes cast   Votes cast    Votes                  Broker
   To a Vote          For         Against    Withheld  Abstentions  Non-Votes
-----------------------------------------------------------------------------

1.  Election of Directors

John P. Brogan     20,334,779      53,992     63,520        -           -

James J. Grogan    20,341,242      46,023     65,026        -           -

William E. Carty   20,344,328      41,797     66,166        -           -

Charles J. Bayer   20,353,788      33,703     63,800        -           -


<PAGE> 28
ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

 a. Exhibits

     Exhibit No.              Description
     -----------              -----------

          3.1     Restated Articles of Incorporation (1)
          3.2     Restated By-Laws of AMERCO as of August 27, 1997 (2)
         27       Financial Data Schedule

 b. Reports on Form 8-K.

         No report on Form 8-K was filed during the quarter ended
         September 30, 1998.

_____________________________________

(1)  Incorporated by reference to the Company's Quarterly Report on Form 10-Q
     for the quarter ended December 31, 1992, file no. 0-7862.

(2)  Incorporated by reference to the Company's Quarterly Report on Form 10-Q
     for the quarter ended September 30, 1997, file no. 0-7862.
<PAGE> 29
                              SIGNATURES
                                   
     Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.


                                   AMERCO
                                   ___________________________________
                                            (Registrant)


Dated: November 9, 1998             By: /S/ GARY B. HORTON
                                   ___________________________________
                                        Gary B. Horton, Treasurer
                                      (Principal Financial Officer)