<PAGE>  1

             UNITED STATES SECURITIES AND EXCHANGE COMMISSION 
              
                         Washington, D.C. 20549

                               FORM 10-Q/A

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934
      
      
            For the quarterly period ended June 30, 1995
                                  
                                  
                                 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 [ ].

29,513,492 shares of AMERCO Common Stock, $0.25 par value and 5,762,495 shares
of AMERCO Series A common stock, $0.25 par value were outstanding at January 22,
1996.

5,385 shares of U-Haul International, Inc. Common Stock, $0.01 par value, were 
outstanding at January 22, 1996.  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 June 30, 1995,
             March 31, 1995 and June 30, 1994...............         4
       b)  Consolidated Statements of Earnings for the
             Quarters ended June 30, 1995 and 1994............       6
       c)  Consolidated Statements of Changes in Stockholders'
             Equity for the Quarters ended June 30, 1995
             and 1994...........................................     7
       d)  Consolidated Statements of Cash Flows for the
             Quarters ended June 30, 1995 and 1994............       9
       f)  Notes to Consolidated Financial Statements -
             June 30, 1995, March 31, 1995 and
             June 30, 1994..................................        10

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations....................    17
         
         


<PAGE> 3

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

              AMERCO AND CONSOLIDATED SUBSIDIARIES
                                
                   Consolidated Balance Sheets
<CAPTION>                                
                                
                                               June 30,    March 31,    June 30,
            ASSETS                              1995         1995        1994
                                            ----------    ---------    ------------------
                                            (unaudited)   (audited)   (unaudited)
                                                       (in thousands)
                                                         
<S>                                        <C>            <C>          <C>
Cash and cash equivalents                  $    29,604       35,286       19,617
Receivables                                    322,859      300,238      208,833
Inventories                                     52,422       50,337       41,920
Prepaid expenses                                15,383       25,933       24,307
Investments, fixed maturities                  761,115      705,428      718,438
Investments, other                             146,618      135,220       94,392
Deferred policy acquisition costs               52,622       49,244       48,917
Other assets                                    29,684       30,057       30,283
                                             ---------    ---------    --------- 
Property, plant and equipment, at
  cost:
  Land                                         217,611      214,033      200,720
  Buildings and improvements                   734,061      735,624      693,041
  Furniture and equipment                      182,158      179,016      166,268
  Rental trailers and other rental
    equipment                                  256,730      245,892      218,445
  Rental trucks                                925,671      913,641      863,982
  General rental items                          51,058       51,890       55,186
                                             ---------    ---------    ---------
                                             2,367,289    2,340,096    2,197,642
  Less accumulated depreciation              1,098,666    1,065,850      972,968
                                             ---------    ---------    ---------
       Total property, plant and
         equipment                           1,268,623    1,274,246    1,224,674
                                             ---------    ---------    ---------


















                                           $ 2,678,930    2,605,989    2,411,381
                                             =========    =========    =========






<FN>
The  accompanying notes are an integral part of these
consolidated financial statements.
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
                                               June 30,    March 31,    June 30,
LIABILITIES AND STOCKHOLDERS' EQUITY             1995        1995         1994
                                             ---------    ---------     --------
                                            (unaudited)   (audited)   (unaudited)
                                                       (in thousands)
<S>                                        <C>            <C>          <C>
Liabilities:
  Accounts payable and accrued
    liabilities                            $   145,011      127,613      158,920
  Notes and loans                              866,132      881,222      725,565
  Policy benefits and losses, claims           474,277      475,187      449,986
    and loss expenses payable
  Liabilities from premium deposits            347,718      304,979      308,408
  Cash overdraft                                23,291       31,363       14,569
  Other policyholders' funds and
    liabilities                                 34,320       20,378        6,617
  Deferred income                                9,521        7,426        8,714
  Deferred income taxes                         77,711       71,037       64,799
                                             ---------    ---------    ---------
Stockholders' equity:
  Serial preferred stock, with or
    without par value, 50,000,000
    shares authorized; 6,100,000
    issued without par value and
    outstanding as of June 30, 1995
    March 31, 1995 and June 30, 1994               -            -            -
  Serial common stock, with or with-
    out par value, 150,000,000 shares
    authorized                                     -            -            -
  Series A common stock of $.25 par
    value, authorized 10,000,000 shares,
    issued 5,762,495 shares as of
    June 30, 1995 and March 31, 1995,
    and 5,754,334 shares as of
    June 30, 1994                                1,441        1,441        1,438
  Common stock of $.25 par value,
    authorized 150,000,000 shares,
    issued 34,237,505 shares as of
    June 30, 1995 and March 31, 1995 and
    34,245,666 shares as of June 30, 1994        8,559        8,559        8,562
  Additional paid-in capital                   165,675      165,675      165,651
  Foreign currency translation                 (11,737)     (12,435)     (11,461)
  Unrealized gain(loss) on investments          (1,569)      (6,483)        (368)
  Retained earnings                            573,525      561,589      540,693
                                             ---------    ---------    ---------
                                               735,894      718,346      704,515
  Less:
    Cost of common shares in treasury, 
    (1,380,937 shares as of June 30, 
    1995  and 1,335,937 shares as of
    March 31, 1995 and June 30, 1994)           11,457       10,461       10,461
    Unearned employee stock
      ownership plan shares                     23,488       21,101       20,251
                                             ---------    ---------    ---------
         Total stockholders' equity            700,949      686,784      673,803
                                             ---------    ---------    ---------
Contingent liabilities and commitments
                                             ---------    ---------    ---------


                                           $ 2,678,930    2,605,989    2,411,381
                                             =========    =========    =========
</TABLE>
<PAGE> 6
<TABLE>              
              
              AMERCO AND CONSOLIDATED SUBSIDIARIES
               Consolidated Statements of Earnings
                      Quarters ended June 30,
                           (Unaudited)
<CAPTION>                                
                                                   1995        1994
                                             -----------  ----------
                                                (in thousands except
                                                   per share data)
<S>                                         <C>           <C> 
Revenues                                                  
  Rental and other revenue                  $    235,311     228,962
  Net sales                                       53,116      51,302
  Premiums                                        30,702      31,559
  Net investment income                           11,380      10,510
                                              ----------  ----------  
       Total revenues                            330,509     322,333

Costs and expenses
  Operating expense                              174,246     158,542
  Advertising expense (see note 7)                16,869       6,999
  Cost of sales                                   28,959      27,550
  Benefits and losses                             27,241      26,412
  Amortization of deferred acquisition
    costs                                          2,928       3,084
  Depreciation                                    37,693      37,282
  Interest expense                                18,832      16,638
                                              ----------  ----------
       Total costs and expenses                  306,768     276,507

Pretax earnings from operations                   23,741      45,826
Income tax expense                                (8,564)    (16,413)
                                              ----------  ---------- 
       Net earnings                         $     15,177      29,413
                                              ==========  ========== 
Earnings per common share:
Net earnings                                $       0.31        0.71
                                              ==========  ==========
Weighted average common shares outstanding    37,958,426  37,107,536
                                              ==========  ==========
<FN>
The  accompanying notes are an integral part of these
consolidated financial statements.
</TABLE>              
<PAGE>7
<TABLE>
              AMERCO AND CONSOLIDATED SUBSIDIARIES
                                
   Consolidated Statements of Changes in Stockholders' Equity
                                
                      Quarters ended June 30,
                           (Unaudited)
<CAPTION>                                
                                                 1995          1994
                                               ---------     -------
                                                    (in thousands) 
<S>                                         <C>              <C>
Series A common stock of $.25 par
  value:  Authorized 10,000,000 shares,
  issued 5,762,495 as of June 30, 1995
  and 5,762,495 as of March 31, 1995 and 
  5,754,334 as of June 30, 1994
    Beginning and end of period             $    1,441         1,438
                                               -------       ------- 
Common stock of $.25 par value:
  Authorized 150,000,000 shares, issued
    34,237,505 as of June 30, 1995, and
    as of March 31, 1995 and 34,245,666
    as of June 30, 1994
    Beginning and end of period                  8,559         8,562
                                               -------       -------
Additional paid-in capital:
  Beginning and end of period                  165,675       165,651
                                               -------       -------  
Foreign currency translation:
  Beginning of period                          (12,435)      (11,152)
  Change during period                             698          (309)
                                               -------       -------
  End of period                                (11,737)      (11,461)
                                               -------       -------
Unrealized gain (loss) on investments:
  Beginning of period                           (6,483)          679
  Change during period                           4,914        (1,047)
                                               -------       -------
  End of period                                 (1,569)         (368)
                                               -------       -------
Retained earnings:
  Beginning of period                          561,589       514,521
    Net earnings                                15,177        29,413
    Dividends paid to stockholders:
      Preferred stock: ($.53 per share
        for 1995 and 1994, respectively)        (3,241)       (3,241)
                                                -------      -------
  End of period                                 573,525      540,693
                                                -------      -------
<FN>
The  accompanying notes are an integral part of these
consolidated financial statements.
</TABLE>
<PAGE> 8
<TABLE>
              AMERCO AND CONSOLIDATED SUBSIDIARIES
                                
   Consolidated Statements of Changes in Stockholders' Equity
                                
                      Quarters ended June 30,
                           (Unaudited)
<CAPTION>                                
                                                 1995          1994
                                               --------      -------
                                                    (in thousands) 
<S>                                         <C>              <C>
Treasury stock:
  Beginning of period                            10,461       10,461
  Net increase (45,000 shares in 1995)              996          -
                                                -------      -------

  End of period                                  11,457       10,461
                                                -------      -------
Unearned employee stock ownership
    plan shares:
  Beginning of period                            21,101       17,451
    Increase in loan                              2,523        2,919
    Proceeds from loan                             (136)        (119)
                                                -------      -------
  End of period                                  23,488       20,251
                                                -------      -------
Total stockholders' equity                  $   700,949      673,803
                                                =======      =======





<FN>
The  accompanying notes are an integral part of these
consolidated financial statements.
</TABLE>              
<PAGE> 9
<TABLE>
              AMERCO AND CONSOLIDATED SUBSIDIARIES
                                
              Consolidated Statements of Cash Flows
                                
                      Quarters ended June 30,
                           (Unaudited)
<CAPTION>
                                                   1995        1994
                                                --------    --------
                                                    (in thousands) 
<S>                                           <C>           <C>
Cash flows from operating activities:
  Net earnings                                $   15,177      29,413
    Depreciation and amortization                 40,565      41,489
    Provision for losses on accounts
      receivable                                   1,568         736
    Net gain on sale of real and personal
      property                                       (16)       (131)
    Gain on sale of investments                     (337)         30
    Changes in policy liabilities and
      accruals                                    (4,960)      11,766
    Additions to deferred policy
      acquisition costs                           (7,109)      (4,155)
    Net change in other operating assets
      and liabilities                             24,326       43,182
                                                --------    ---------
Net cash provided by operating activities         69,214      122,330
                                                --------    ---------
Cash flows from investing activities:
  Purchases of investments:
    Property, plant and equipment                (70,149)    (144,794)
    Fixed maturities                             (86,329)     (31,098)
    Real estate                                     (653)          (8)
    Mortgage loans                                (4,662)      (5,504)
  Proceeds from sale of investments:
    Property, plant and equipment                 38,015       58,868
    Fixed maturities                              37,863       30,756
    Real estate                                      691          220
    Mortgage loans                                 6,177        1,442
  Changes in other investments                    (8,802)     (10,507)
                                                --------     --------
Net cash used by investing activities            (87,849)    (100,625)
                                                --------     --------
Cash flows from financing activities:
  Net change in short-term borrowings              2,000       46,250
  Loan to leveraged employee stock
    ownership plan                                (2,523)      (2,919)
  Proceeds from leveraged employee stock
    ownership plan                                   136          119
  Principal payments on notes                    (17,090)     (44,449)
  Net change in cash overdraft                    (8,072)     (11,990)
  Dividends paid                                  (3,241)      (3,241)
  Purchase of treasury shares                       (996)         -
  Investment contract deposits                    60,383        6,966
  Investment contract withdrawals                (17,644)     (11,266)
                                                --------    ---------
Net cash provided (used) by
   financing activities                           12,953      (20,530)
                                                --------    ---------                        
increase in cash and cash equivalents             (5,682)       1,175
Cash and cash equivalents at
  beginning of period                             35,286       18,442
                                                --------    --------- 
Cash and cash equivalents at
  end of period                               $   29,604       19,617
                                                ========    ========= 

<FN>
The  accompanying notes are an integral part of these
consolidated financial statements.
</TABLE>              
<PAGE> 10              
              AMERCO AND CONSOLIDATED SUBSIDIARIES
                                
           Notes to Consolidated Financial Statements
                                
          June 30, 1995, March 31, 1995 and June 30, 1994
                            (Unaudited)
                            
                            
1.   PRINCIPLES OF CONSOLIDATION
  The consolidated financial statements include the accounts of the parent 
     corporation, AMERCO, and its subsidiaries, all of which are  wholly-owned.
     All  material intercompany accounts  and transactions of AMERCO and its 
     subsidiaries (herein called the "Company"  or the "consolidated group")
     have been  eliminated. The  consolidated balance sheets as of June 30, 
     1995 and 1994, and  the  related consolidated statements of earnings, 
     changes in  stockholders' equity and cash flows for the quarters ended 
     June  30,  1995  and  1994 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  quarter lag.   There  were  no  
     effects related to intervening  events which  would  significantly affect
     consolidated  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.
     
  Earnings  per  share  are computed based on the weighted average number of 
     shares outstanding, excluding shares of the employee stock  ownership  
     plan  that have not  been committed  to  be released.  Net income is 
     reduced for preferred dividends.
     
  Certain   reclassifications  have  been  made  to  the financial statements 
     for the quarter ended June 30, 1994 to conform with the current year's 
     presentation.
  <PAGE> 11
              AMERCO AND CONSOLIDATED SUBSIDIARIES
                                
       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)
                            
                            
2.   INVESTMENTS
<TABLE>
  A comparison of amortized cost to market for fixed maturities  is
     as follows (in thousands, except for par value):
<CAPTION>
  March 31, 1995       
  --------------       Par Value               Gross       Gross    Estimated
  Consolidated         or number  Amortized  unrealized  unrealized   market
  Held-to-Maturity     of shares     cost      gains       losses      value
                       ---------  ---------  ----------  ---------- ---------
  <S>                  <C>        <C>            <C>       <C>       <C>
  U.S. treasury
    securities
    and government
    obligations        $  20,400  $  20,284        918         (23)   21,179
  U.S. government
    agency mortgage
    backed securities  $  65,381     64,797        321      (5,354)   59,764            
  Obligations of
    states and
    political
    subdivisions       $  30,105     29,804      1,932        (425)   31,311
  Corporate
    securities         $ 191,263    196,517      1,465      (5,671)  192,311
  Mortgage-backed
    securities         $ 128,413    126,685        903      (8,042)  119,546
  Redeemable preferred
    stocks                    33      1,966        303         (11)    2,258
                                    -------      -----     --------  -------
                                    440,053      5,842     (19,526)  426,369
                                    -------      -----     --------  -------
<CAPTION>  
  March 31, 1995                               
  --------------                               Gross       Gross    Estimated
  Consolidated                    Amortized  unrealized  unrealized   market
  Available-for-Sale   Par Value     cost      gains       losses      value
  <S>                  <C>        <C>           <C>        <C>       <C> 
  U.S. treasury
    securities and
    government
    obligations        $   9,685      9,797        714         -      10,512
  U.S. government
    agency mortgage
    backed securities  $   3,410      3,232         68        (206)    3,094
  States,
    municipalities
    and political
    subdivisions       $   5,825      6,098        109         (12)    6,195
  Corporate
    securities         $ 262,874    262,628      4,157      (4,967)  261,818
  Mortgage-backed
    securities         $  41,699     41,431        358      (2,345)   39,443
                                    -------     ------     --------  ------- 
                                    323,186      5,406      (7,530)  321,062
                                    -------     ------     --------  -------
         Total                    $ 763,239     11,248     (27,056)  747,431
                                    =======     ======     ========  =======
</TABLE>
<PAGE> 12
               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                           (Unaudited)
                                
                                
3.   SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF PONDEROSA
HOLDINGS, INC. AND ITS SUBSIDIARIES

A summary  consolidated balance sheet (unaudited)  for  Ponderosa
     Holdings, Inc. and its subsidiaries is presented below:
                                
                                                       June 30,
                                                   1995        1994
                                               ---------   --------- 
                                                   (in thousands)
      Investments - fixed maturities         $   761,115     718,438
      Other investments                          126,747      94,392
      Receivables                                142,643     132,944
      Deferred policy acquisition costs           52,622      48,917
      Due from affiliate                          12,999       9,125
      Deferred federal income taxes                8,720       8,195
      Other assets                                15,518      14,892
                                               ---------   ---------
           Total assets                      $ 1,120,364   1,026,903
                                               =========   =========
      Policy liabilities and accruals        $   407,632     385,539
      Unearned premiums                           66,645      64,292
      Premium deposits                           347,718     308,408
      Other policyholders' funds and
        liabilities                               33,891      11,543
                                               ---------   ---------
           Total liabilities                     855,886     769,782

      Stockholder's equity                       264,478     257,121
                                               ---------   ---------
                Total liabilities and
                  stockholder's equity       $ 1,120,364   1,026,903
                                               =========   =========
<PAGE> 13
              AMERCO AND CONSOLIDATED SUBSIDIARIES
                                
       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)
                            
                            
3.   SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF PONDEROSA
HOLDINGS, INC. AND ITS SUBSIDIARIES, continued

  A summarized   consolidated  income  statement  (unaudited)
     for Ponderosa  Holdings,  Inc. and its subsidiaries  is
     presented below:
     
                                           Quarters ended June 30, 
                                                1995        1994
                                               ------      ------
                                                (in thousands)

      Premiums                              $  30,097      34,352
      Net investment income                    11,531      10,554
      Other income                              1,601       1,267
                                               ------      ------
           Total revenue                       43,229      46,173
      Benefits and losses                      27,241      26,412
      Amortization of deferred policy
        acquisition costs                       2,928       3,084
      Other expenses                            5,313       7,801
                                               ------      ------
           Income from operations               7,747       8,876
      Federal income tax expense               (1,890)     (2,742)
                                               ------      ------
      Net income                            $   5,857       6,134
                                              =======      ======
4.   CONTINGENT LIABILITIES AND COMMITMENTS

  During  the  three months ended June 30, 1995, U-Haul  Leasing & Sales  Co., 
     a wholly-owned subsidiary of U-Haul International, Inc.,  entered into 
     one transaction, whereby they sold  rental trucks   and  subsequently  
     leased  them back.   AMERCO   has guaranteed  $991,000 of residual values
     at June  30,  1995  on these assets at the end of the lease term.  
     Following are the lease commitments for the lease executed during the 
     three months ended June 30, 1995, which have a term of more than one year 
     (in thousands):
     
                         Year ended      Lease
                          March 31,   Commitments
                        -----------   -----------
                           1996       $   1,164
                           1997           1,553
                           1998           1,553
                           1999           1,553
                           2000           1,553
                         Thereafter       3,493
                                        -------
                                      $  10,869
                                        =======

  See discussion related to Stockholder Litigation under Item 2.
     Management's Discussion and Analysis of Financial Condition
     and Results of Operations - Liquidity and Capital Resources.
     
<PAGE> 14
              AMERCO AND CONSOLIDATED SUBSIDIARIES
                                
       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)
                            
                            
4.   CONTINGENT LIABILITIES AND COMMITMENTS, continued

  The  Company is a defendant in a number of suits and claims incident  to  
    the  type  of  business  conducted  and several administrative  
    proceedings  arising  from  state and   local provisions  that  regulate  
    the  removal  and/or clean-up   of underground  fuel  storage  tanks. The  
    Company owns  property within two state hazardous waste sites in the State
    of Washington.  At this time, the remedial clean-up cost or  range of 
    costs  for  such  sites cannot be estimated.  Management's opinion is that 
    none of these suits or claims involving AMERCO and/or  its subsidiaries is 
    expected to result in any material loss.
    
    
5.   SUPPLEMENTAL CASH FLOWS INFORMATION

  The  (increase) decrease in receivables, inventories and accounts
     payable  and  accrued liabilities net of other  operating
     and investing activities follows:
     
                                            Quarters ended June 30, 
                                               1995         1994
                                               ----         ----
                                                (in thousands)
                                                
        Receivables                       $  (23,625)      (14,042)
                                             ========      ========
        Inventories                       $   (2,085)        7,092
                                             ========      ========
        Accounts payable and
          accrued liabilities             $   20,933        39,141
                                             =======       ========

  Income  taxes paid in cash amounted to none and $224,000 for 1995
     and 1994, respectively.

  Interest paid in cash amounted to $20,906,000 and $20,569,000 for
     1995 and 1994, respectively.

6.   RELATED PARTIES

  Subsequent  to  March  31,  1995, a  subsidiary  of  the Company continued  
     to loan TWO SAC Self-Storage Corporation (TWO  SAC) funds  for  the  
     purchase  of  an additional  18 self-storage properties.  As of June 30, 
     1995, $28,597,000 in principal was due from TWO SAC, while interest of
     $797,000 has been accrued. No  payment  of principal or interest will be 
     made  until  the notes  are  finalized.  Mark V. Shoen, a  major  
     stockholder, director  and officer of the Company owns all of  the  
     issued and outstanding voting common stock of TWO SAC. The TWO SAC notes 
     will be secured  by  senior  and junior mortgages and are expected to 
     mature in 2004 or  2005, or on demand.  TWO SAC anticipates acquiring 
     approximately 28 properties  from  the Company that had been  acquired  
     by the Company or its subsidiaries since June 1993.
     
  On May  31,  1995,  the Company purchased 45,000  shares  of the Company's 
     Common Stock from Paul F. Shoen, a major stockholder of the Company, for  
     $996,000 or $22.125  per share.   The transaction was effected on Nasdaq.

<PAGE> 15
              AMERCO AND CONSOLIDATED SUBSIDIARIES
                                
       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)
                            
                            
7.   NEW ACCOUNTING STANDARDS

Statement  of Financial Accounting Standards No. 114 - Accounting by  Creditors
     for Impairment of a Loan.  Effective  for years beginning after December 
     15, 1994,  the standard requires that an  impaired loan's fair value be 
     measured and compared to the recorded investment in the loan.  If the fair
     value  of  the loan  is  less  than the recorded investment in  the  loan,
     a valuation allowance is established.  The Company adopted  this statement
     during the first quarter of fiscal  1996,  with  no material impact  on  
     its financial condition  or  results  of operations.
     
Statement   of  Financial  Accounting  Standards  No.   121 - Accounting  for  
    the Impairment of Long-Lived  Assets  and for Long-Lived  Assets  to  be 
    Disposed of.  Effective  for fiscal years   beginning  after  December  15,
    1995,   the standard establishes  accounting standards for the impairment
    of  long-lived  assets, certain identifiable intangibles,  and goodwill 
    related  to those assets to be held and used and for long-lived assets and 
    certain identifiable intangibles to be disposed  of. This  Statement  
    requires that long-lived assets  and  certain identifiable  intangibles to 
    be held and used by an  entity  be reviewed  for impairment whenever events
    or changes in circumstances  indicate that the carrying amount  of  an
    asset may  not  be  recoverable.   In  performing  the review for 
    recoverability,  the  entity should estimate  the  future cash flows  
    expected  to result from the use of the  asset and  its eventual  
    disposition.  If the sum of the expected future  cash flows (undiscounted 
    and without interest charges) is less  than the  carrying  amount  of  the 
    asset,  an  impairment  loss  is recognized.   Otherwise, an impairment 
    loss is not  recognized.  Measurement  of  an impairment loss for 
    long-lived assets  and identifiable  intangibles that an entity expects  to
    hold  and use  should  be  based on the fair value  of  the  asset.   The 
    Company  has not completed an evaluation of the effect of  this standard.
    
<PAGE> 16
                AMERCO AND CONSOLIDATED SUBSIDIARIES
                                  
       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)
                            
7.   NEW ACCOUNTING STANDARDS, continued
  Statement of Position 93-7, Reporting on Advertising Costs  -  as
     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 statement  of  position  requires
     reporting advertising costs as expenses when incurred or  when
     the  advertising takes place, reporting the costs  of  direct
     response  advertising, and amortizing the  amount  of  direct
     response advertising reported as assets.  The Company had been
     recording deferred yellow page directory costs and amortizing
     the costs over the duration of each listing.  The majority of
     listings last one year.  The Company adopted this statement 
     effective April 1, 1995 recognizing additional advertising
     expense of $8,647,000 upon implementation.
                                               
  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
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.

RESULTS OF OPERATIONS
The  following table shows industry segment data from the Company's three  
   industry segments, rental operations, life insurance,  and property and 
   casualty insurance, for the quarters ended June 30, 1995 and 1994. Rental 
   operations is composed of the operations of U-Haul and Amerco Real Estate 
   Company.  Life insurance is composed of the operations of Oxford Life 
   Insurance Company.  Property and casualty insurance is composed of the 
   operations of Republic Western Insurance Company  (RWIC).   The  Company's  
   results  of  operations   have historically fluctuated from quarter to 
   quarter.  In particular, the Company's U-Haul rental operations are seasonal 
   and a majority of the Company's revenues and substantially all of its 
   earnings from its U-Haul rental operations are generated in the first and 
   second quarters each fiscal year (April through September).
<TABLE>
<CAPTION>
                                                       Property/     Adjustments
                                Rental       Life      Casualty         And
                             Operations    Insurance   Insurance    Eliminations   Consolidated
                             ----------    ---------   ---------    ------------   ------------  
                                              (in thousands)
<S>                         <C>             <C>        <C>          <C>             <C>
Quarter ended June 30, 1995 
Revenues:                   
  Outside                   $   286,835      10,238     33,436           -            330,509
  Intersegment                      -           367       (793)          426              -
                              ---------     -------    -------      --------        ---------
    Total revenues              286,835      10,605     32,643           426          330,509
                              =========     =======    =======      ========        =========      
  Operating profit               34,826       2,622      5,125           -             42,573
                              =========     =======    =======      ========
  Interest expense                                                                     18,832 
                                                                                    ---------
  Pretax earnings              
    from operations                                                                    23,741
                                                                                    =========
  Identifiable assets         1,845,419     530,918    589,446      (286,853)       2,678,930
    at June 30                =========     =======    =======      ========        =========
                               
Quarter ended June 30, 1994    
Revenues:                      
  Outside                   $   279,144       8,112     35,077           -            322,333
  Intersegment                      -           372      2,627        (2,999)             -
                              ---------     -------    -------      --------        ---------    
  Total revenues                279,144       8,484     37,704        (2,999)         322,333
                              =========     =======    =======      ========        =========
Operating profit                 53,588       1,875      7,001           -             62,464
                              =========     =======    =======      ======== 
  Interest expense                                                                     16,638 
                                                                                    ---------
  Pretax earnings              
    from operations                                                                    45,826
                                                                                    =========
  Identifiable assets         1,659,617     461,407    565,496      (275,139)       2,411,381
    at June 30                =========     =======    =======      ========        =========
</TABLE>
<PAGE> 18

QUARTER ENDED JUNE 30, 1995 VERSUS QUARTER ENDED JUNE 30, 1994

U-Haul

          U-Haul  revenues  consist of (i) total rental  and  other
revenue  and  (ii)  net  sales.  Total  rental  and  other  revenue
increased by $6.1 million, approximately 2.7%, to $233.9 million in
the first quarter of fiscal 1996.  The increase reflects higher net
revenues   from   the  rental  of  moving  related  equipment   and
self-storage  facilities which increased in the aggregate  by  $6.0
million  due  to  growth  (volume) in  truck  rental  transactions,
additional  rentable  square  footage,  and  improved  self-storage
pricing.

          Net  sales  revenues  were $53.1  million  in  the  first
quarter   of   fiscal  1996,  which  represents  an   increase   of
approximately 3.5% from the first quarter of fiscal 1995 net  sales
of  $51.3 million.  Revenue growth from the sale of moving  support
items  (i.e. boxes, etc.), hitches, and propane resulted in a  $2.2
million  increase during the quarter, which was offset  by  a  $0.3
million  decrease in gasoline sales consistent with  the  Company's
ongoing  efforts to remove underground storage tanks and  gradually
discontinue gasoline sales.

          Cost  of sales was $29.0 million in the first quarter  of
fiscal  1996,  which  represents an increase of approximately  5.1%
from  $27.6  million  for the same period  in  fiscal  1995.   This
increase in cost of sales primarily reflects higher material  costs
from  the  sale of moving support items and propane  which  can
be primarily attributed to higher sales levels.

          Operating  expenses increased to $168.5  million  in
the first  quarter  of  fiscal 1996 from $153.7 million  in  the
first quarter of fiscal 1995, an increase of $14.8 million
(approximately 9.6%).   The  change from the prior year primarily
reflects  higher rental equipment maintenance costs due to an
increase in fleet size and transaction levels ($6.0 million), an
increase in lease expense due  to  new leases originated during
the last twelve months  ($2.2 million),  and increased personnel
expense due to higher levels  of business  activity  ($4.0
million).  All other  operating  expense categories  increased in
the aggregate by $2.5 million compared  to the prior year.

          Advertising expense increased to $16.9 million in the first 
quarter of fiscal 1996 from $7.0 million in the first quarter of fiscal 1995.  
The increase primarily reflects a one-time expense of $8.7 million recognized
during the first quarter of fiscal 1996, due to the adoption of 
Statement of Position 93-7 which requires immediate recognition of advertising 
costs not qualifying as direct-response.

          Depreciation  expense for the quarter was $37.7
million, as  compared to $37.3 million during the same period of
the  prior year, reflecting storage acquisitions and construction
in the  past twelve months.


Oxford - Life Insurance

          Premiums   from   Oxford's   reinsurance   lines
before intercompany  eliminations were $4.1 million for the
quarter  ended March  31,  1995,  an increase of $0.3 million,
approximately 7.9% over  1994  and  accounted for 66.9% of Oxford's 
premiums for the period. Reinsurance  premiums  are  primarily  from 
term life insurance, matured deferred annuity contracts, and credit
insurance business.   This increase in premiums is primarily
attributable  to the  recent (fourth quarter 1994) reinsurance
agreement  of  credit insurance business.
<PAGE> 19
          Premiums  from Oxford's direct lines before
intercompany eliminations  were  $2.0 million for the quarter
ended  March  31, 1995,  an  increase of $1.6 million from 1994.
This  increase  in direct  premium  is primarily attributable to
the credit  insurance business  ($1.5  million  in premiums).
Oxford's  direct  business related  to group life and disability
coverage issued to  employees of  the Company for the quarter
ended March 31, 1995 accounted  for approximately 8.1% of
premiums.  Other direct lines, including  the credit  insurance
business, accounted for approximately  25.0%  of Oxford's
premiums for the quarter ended March 31, 1995.

          Net  investment  income before intercompany
eliminations was  $3.9 million and $3.6 million for the quarters
ended March 31, 1995  and  1994, respectively.  This increase is
primarily  due  to increasing  margins on the interest sensitive
business.   Gains  on the disposition of fixed maturity
investments were $0.2 million for both  1995  and 1994.  Oxford
had $0.5 million of other income  for both of the quarters ended
March 31, 1995 and 1994.

          Benefits and expenses incurred were $8.0 million for
the quarter  ended  March  31, 1995, an increase of  21.2%  over
1994. Comparable  benefits  and  expenses incurred  for  1994
were  $6.6 million.  This increase is primarily due to death
benefits incurred and  Oxford's  recent entrance into the credit
insurance  business, partially  offset  by  a decrease in the
amortization  of  deferred acquisition costs.

          Operating   profit   before   intercompany
eliminations increased by $0.7 million, or approximately 36.8%,
in 1995 to  $2.6 million,  primarily  due  to  increased  margins
on  the  interest sensitive business.


RWIC - Property and Casualty

          RWIC  gross premium writings for the quarter ended
March 31,  1995  were $36.2 million as compared to $47.7 million
in  the first  quarter of 1994.  The rental industry market
accounts for  a significant share of total premiums,
approximately 18.3% and  19.7% in  the  first  quarters  of  1995
and 1994,  respectively.  These writings include U-Haul customers, 
fleetowners and U-Haul  as well as  other  rental  industry insureds 
with similar characteristics. RWIC  continues  underwriting professional
reinsurance  via  broker markets.  Premiums in this area decreased during 
the first  quarter of  1995  to $20.2 million, or 55.8% of total gross 
premiums,  from comparable  1994  figures of  $29.1 million,  or  61.0%  
of  total premiums.   This decrease  can  be primarily  attributed  to  
RWIC electing  not to  renew  several treaties  because  of  inadequate 
pricing  and market  conditions.   Premium  writings  in  selected general
agency lines are expected to remain consistent with  prior years as evidenced 
by 17.4% share of written premiums in  1995  as compared to 14.9% share in 
1994.  RWIC expanded its direct business in  1995  to  include  multiple 
peril coverage  for  a  variety of commercial properties and businesses.  
These premiums accounted for 6.4% of the total gross written premium during
first quarter 1995.

          Net earned premiums decreased $6.1 million, or 20.3%,
to $24.0  million for the quarter ended March 31, 1995, compared
with premiums  of  $30.1 million for the quarter ended March  31,
1994. The  premium  decrease was primarily due to  one  time
changes  in premium earning methodology and timing differences
related to  runoff and start up programs.
<PAGE> 20
          Underwriting expenses incurred were $27.5 million for
the quarter ended March 31, 1995, a decrease of $3.2 million, or
10.4% over1994.  Comparable underwriting expenses incurred for
the first quarter  of  1994 were $30.7 million.  The decrease  is  due  
to a reduction  in acquisition expenses, which decreased
proportionately with written premiums.

          Net  investment income was $7.6 million for  the
quarter ended March 31, 1995, an increase of 10.1% over 1994 net
investment income of $6.9 million.  The marginal increase is the
result of the shift in types of securities held in the portfolio.
          
          RWIC  completed  the first quarter of  1995  with
income before tax expense of $5.1 million as compared to $7.0
million  for the  comparable  period ended March 31, 1994.   This
represents  a decrease  of $1.9 million, or 27.1% over 1994.
Worse than expected underwriting  results  in  the Company's
assumed  reinsurance  and rental industry liability lines were
offset by improved results  in its general agency lines.

Interest Expense
          
          Interest  expense  increased by  $2.2  million  to
$18.8 million  for the quarter ended June 30, 1995, as compared
to  $16.6 million  for the quarter ended June 30, 1994.  Higher
average  debt levels outstanding caused the increase.

Consolidated Group
          As  a  result of the foregoing, pretax earnings of
$23.7 million  were  realized  in the quarter ended  June  30,
1995,  as compared  to  $45.8  million for the same period  in
1994.    After providing for income taxes, net earnings for the 
quarter ended June 30,  1995 were $15.2 million, as compared to 
$29.4 million for  the same period of the prior year.
<PAGE> 21
QUARTERLY RESULTS

          The  following table presents unaudited quarterly
results for  the  nine quarters in the period beginning April 1,
1993  and ending  June  30,  1995.  The Company believes that
all  necessary adjustments  have  been  included in the amounts
stated  below  to present  fairly, and when read in conjunction
with the consolidated financial   statements         incorporated
herein  by  accordance   with  generally  accepted  accounting principles, 
the selected quarterly information.  The Company's results of operations 
have historically fluctuated  from period to period, including on a
quarterly  basis. In  particular,  the Company's U-Haul business
is  seasonal  and  a majority of the Company's revenues and
substantially all of its net earnings  from its U-Haul business
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.

                                    Quarter Ended
                       -----------------------------------------------
                       Jun 30,   Sep 30,   Dec 31,   Mar 31,   Jun 30,
                        1994      1994      1994      1995      1995 (3)
                       -----------------------------------------------
                                 (in thousands, except per share data)
Total revenues        $322,333   361,115   295,888   260,282   330,509
Net earnings (loss)     29,413    40,071     1,907   (11,359)   15,177
Net earnings (loss)
  per common share         .71      1.00      (.04)     (.44)      .31
  (1), (2)

                                     Quarter Ended
                       -------------------------------------
                       Jun 30,   Sep 30,   Dec 31,   Mar 31,
                        1993      1993      1993      1994
                       -------------------------------------
                      (in thousands, except per share data)
Total revenues        $291,348   324,968   267,448   251,091
Net earnings (loss)     17,359    30,601     1,799    (9,575)
Net earnings (loss)
  per common share         .45       .79      (.02)     (.33)
  (1)
________________
(1)For  the  quarters ended December 31, 1993, March 31,  June
   30, September 30, December 31, 1994 , March 31, 1995, and
   June  30, 1995,  net  earnings  (loss)  per  common  share
   amounts   were computed  after giving effect to the dividend
   on  the  Company's Series A 8 1/2% Preferred Stock.
   
(2)Reflects   the   adoption  of  Statement   of   Position   93-6,
   "Employers' Accounting for Employee Stock Ownership Plan."

(3)Reflects   the   adoption  of  Statement   of   Position   93-7,
   "Reporting on Advertising Costs."
                                
<PAGE> 22
LIQUIDITY AND CAPITAL RESOURCES


U-Haul

          To  meet the needs of its customers, U-Haul must
maintain a large inventory of fixed asset rental items.  At June 30,  1995,
net  property, plant and equipment represented approximately 68.4% of  total  
U-Haul  assets and approximately 47.2%  of consolidated assets.   In the 
first quarter of fiscal 1996, capital expenditures were  $70.1  million, as 
compared to $144.8 million  in  the first quarter  of  fiscal 1995, 
reflecting new rental truck acquisitions, purchase   of   trucks  previously  
leased, and   real   property acquisitions.  The decrease in capital 
expenditures from the prior year  is due to a decrease in new rental truck
acquisitions.  These acquisitions  were  funded  with internally
generated  funds  from operations, and debt financings.

          Cash  flows  from operations were $61.9  million  in
the first quarter of fiscal 1996, as compared to $113.2 million
in  the first  quarter  of fiscal 1995.  The decrease of $51.3
million  is primarily  due to a decrease in net change of
operating assets  and liabilities, specifically an increase in
receivables, and decreases in  accounts  payable and accrued
liabilities and  deferred  income taxes.

Oxford - Life Insurance
          
          Oxford's  primary sources of cash are premiums,
receipts from  interest-sensitive  products  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  provided by operating activities were $3.7
million and  $0.8  million for the quarters ended March 31, 1995
and  1994, respectively.  Cash flows from new annuity reinsurance  
agreements increase  investment contract deposits as well as the  purchase
of fixed  maturities.   Cash flows from financing  activities  of
new annuity reinsurance agreements were approximately $55.0
million for the  quarter ended March 31, 1995.  In addition to
cash  flow  from operating and financing activities, a
substantial amount of  liquid funds is available through Oxford's
short-term portfolio.  At March 31, 1995 and 1994, short-term
investments amounted to $10.8 million and  $18.5  million,
respectively.  Management  believes  that  the overall sources of
liquidity will continue to meet foreseeable cash needs.

          Stockholder's  equity of Oxford, excluding investment
of RWIC  (in  prior years), increased to $90.4 million  in  1995
from $88.2  million  in 1994.  Ponderosa now holds 100%  of  the
common stock of RWIC as a result of a property dividend made by
Oxford  on June 30, 1994.
<PAGE> 23
          Applicable  laws and regulations of the State of
Arizona require  the  Company's insurance subsidiaries to
maintain  minimum capital determined   in  accordance  with  statutory
accounting practices  in the amount of $400,000.  In addition, the  amount
of dividends  that can be paid to stockholders by insurance
companies domiciled  in  the State of Arizona is limited.   Any
dividend  in excess  of  the  limit requires prior regulatory
approval.   As  a result of the dividend of RWIC stock on June
30, 1994, the state of Arizona  must approve future dividends
made through June 30,  1995. These  restrictions  are not
expected to have  a  material  adverse effect on the ability of
the Company to meet its cash obligations.

RWIC - Property and Casualty

          Cash  flows  from operating activities were $3.4
million and  $8.2  million for the quarters ended March 31, 1995
and  March 31,  1994, respectively.  The change is due to
decreased net income and  increased reserves related to premium
writings,  offset  by  a small change in accounts receivable as
compared to a large increase during the first quarter of 1994.

          RWIC's  short-term investment portfolio was $17.1
million at  March  31,  1995.  This level of liquid assets,
combined  with budgeted  cash  flow,  is adequate to meet
periodic  needs.   This balance also reflects funds in transition from 
maturity proceeds to long-term investments.  The structure of the long-term
portfolio is designed to match future cash needs.  Capital and
operating budgets allow RWIC to accurately schedule cash needs.
          
          RWIC   maintains  a  diversified  investment
portfolio, primarily in bonds at varying maturity levels.
Approximately 95.7% of  the portfolio consists of investment grade  
securities.   The maturity  distribution is designed to provide sufficient
liquidity to  meet  future  cash needs.  Current liquidity is
adequate,  with current invested assets equal to 96.7% of total
liabilities.

          Stockholder's  equity increased 3.6% from $168.1
million at  December  31, 1994 to $174.1 million at March 31,
1995.     RWIC  considers  current stockholder'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.  RWIC
paid no stockholder's dividends during the quarter ended March
31, 1995.

Consolidated Group

          At   June   30,  1995,  total  notes  and  loans
payable outstanding  was  $866.1 million as compared to $881.2
million  at March  31, 1995, and $725.6 million at June 30, 1994.
The increase from  1994  reflects the expansion in the rental
fleet  and  self-storage operation.

          During  each of the fiscal years ending March  31,
1996, 1997,  and  1998, U-Haul estimates gross capital
expenditures  will average approximately $350 million as a result
of the expansion  of the rental fleet and self-storage operation.
This level of capital expenditures,  combined  with  an  average
of  approximately  $100 million  in  annual  long-term  debt
maturities  during  this  same period,  are  expected to create
annual average  funding  needs  of approximately $450 million.
Management estimates that U-Haul  will fund  approximately  60%
of  these  requirements  with  internally generated funds,
including proceeds from the disposition  of  older trucks  and
other asset sales.  The remainder of  the  anticipated capital
expenditures are expected to be financed through  existing credit
facilities, new debt placements, and equity offerings.
<PAGE> 24
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 June 30,
1995,  the  Company  had $866.1  million  in total notes and
loans payable  outstanding  and unutilized committed credit of
approximately $252.0 million.

          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.  In addition,  these credit  agreements
contain  provisions  that  could  result  in  a required
prepayment upon a "change in control" of the Company.

          The  Company is further restricted in the type and
amount of dividends and distributions that it may issue or pay,
and 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.

Stockholder Litigation
          
          As  disclosed  in the Company's Form 10-K  for  the
year ended  March  31, 1995, a judgment has been entered  in  the
Shoen Litigation against five of the Company's current directors
and  one former   director.   The  Company  has  agreed  to
indemnify the defendants to the fullest extent permitted by law or the
Company's Articles  of Incorporation or By-Laws for all expenses
and damages, if  any, incurred by the defendants in this
proceeding, subject  to certain  exceptions.  The five director-
defendants have  filed  for protection under Chapter 11 of the
federal bankruptcy laws and have filed,   in  cooperation  with
the  Company,  amended plans of reorganization (collectively, the Plan), 
all of which  propose the same funding and treatment of the plaintiffs' 
claims resulting from the judgment in the Shoen Litigation.

          Under  the  Plan,  the  Company  will  transfer  to
the stockholder  plaintiffs $124.1 million of Series B 8.25%
Preferred Stock issued by the Company in exchange for their
AMERCO stock  and will  transfer to a trust (the Trust), property
having a stipulated or adjudicated value in excess of $338.7
million for the benefit of the   non-stockholder  plaintiffs.
Each  of  the  non-stockholder plaintiffs  will  receive  a
trust  certificate  representing an undivided,  fractional  beneficial  
interest  in  the  Trust.  The  property  transferred to the Trust is 
expected to  consist  of (i) $170.1 million in Series D Floating Rate 
Preferred Stock issued  by the Company; (ii) a 1993 REMIC certificate held 
by the Company with a  value  of  approximately $12.5 million evidencing
a pool  of  61 commercial mortgage loans which are secured by
mortgages  or  deeds of  trust on 60 self-storage properties;
(iii) mortgage notes  with an  aggregate principal balance of
approximately $100.9 million  on property held by the Company,
<PAGE> 25
one  or  more  of its subsidiaries, or two corporations;
and (iv) real property  held free and clear  of approximately  
$55.3  million.  The  Company will  establish  a Contingency Fund 
consisting of Company Common Stock or the proceeds therefrom  to pay 
post-petition interest to the plaintiffs  if  the court requires the 
payment of such interest.

          The Company expects the court to consider the Plan
during 1995.   However,  there  is no assurance  that  the  Plan
will  be confirmed  by  the  federal bankruptcy court or that
the  Plan  as confirmed   will  operate  as  described  above.
The  Company's participation in the Plan is subject to the approval of  
the Board of   Directors.    Because  of  the  Plan's  complexity
and  the  alternatives provided to the plaintiffs under the Plan, and
because the  Plan  has  not yet been confirmed, the Company  is
unable  to determine  the Plan's impact on the Company's
financial  condition, results of operations, or capital
expenditure plans.  However, as a result  of  funding  the  Plan,
the  Company  is  likely  to  incur additional  costs  in  the
future in  the  form  of  dividends  on preferred  stock and/or
interest on borrowed funds.   For  example, dividends payable on
the Series B 8.25% Preferred Stock and on  the Series  D
Floating Rate Preferred Stock would equal  approximately $22.6
million per year at current interest rates.  In addition, the Company's
outstanding Common Stock would be reduced by 18,254,596 shares.  These
and other features of the Plan as ultimately confirmed could result in
material changes in reported earnings and stockholder's equity per share 
of Common Stock.



<PAGE> 26                                
                                
                           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: January 22, 1996           By: /S/ GARY B. HORTON
                                  ___________________________________
                                        Gary B. Horton, Treasurer
                                      (Principal Financial Officer)