<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 December 31, 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 February 12, 1999.

5,385  shares  of  U-Haul International, Inc. Common Stock,  $0.01  par
value,  were  outstanding at February 12, 1999.  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 December 31, 1998,
             March 31, 1998 and December 31, 1997..................     4

         b)  Consolidated Statements of Earnings for the Nine
             months ended December 31, 1998 and 1997...............     6

         c)  Consolidated Statements of Changes in Stockholders'
             Equity for the Nine months ended December 31, 1998
             and 1997..............................................     7

         d)  Consolidated Statements of Earnings for the
             Quarters ended December 31, 1998 and 1997.............     8

         e)  Consolidated Statements of Cash Flows for the Nine
             months ended December 31, 1998 and 1997...............     9

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

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations.......................    20

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings.........................................    28

Item 6.  Exhibits and Reports on Form 8-K..........................    29
<PAGE>  3


















                          THIS PAGE LEFT
                        INTENTIONALLY BLANK
<PAGE>  4
                  PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.


               AMERCO AND CONSOLIDATED SUBSIDIARIES

                    Consolidated Balance Sheets
                                 

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


Cash and cash equivalents                  $   34,949       31,606       31,822
Receivables                                   407,200      317,620      251,064
Inventories                                    70,891       68,887       78,242
Prepaid expenses                               19,668       21,154       19,294
Investments, fixed maturities                 878,770      886,873      864,321
Investments, other                            157,849      164,064      147,545
Deferred policy acquisition costs              63,397       44,255       41,257
Other assets                                  107,422      103,062       73,355
                                           ------------------------------------

Property, plant and equipment, at
  cost:
  Land                                        196,977      208,028      208,334
  Buildings and improvements                  800,137      838,419      830,747
  Furniture and equipment                     226,724      214,513      208,374
  Rental trailers and other rental
    equipment                                 202,751      179,225      179,733
  Rental trucks                               943,761      939,561    1,041,591
                                           ------------------------------------
                                            2,370,350    2,379,746    2,468,779
  Less accumulated depreciation             1,109,388    1,103,990    1,117,734
                                           ------------------------------------

       Total property, plant and
         equipment                          1,260,962    1,275,756    1,351,045
                                           ------------------------------------

























                                          $ 3,001,108    2,913,277    2,857,945
                                           ====================================

The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>  5



                                           December 31,   March 31, December 31,
 LIABILITIES AND STOCKHOLDERS' EQUITY           1998         1998       1997
                                           ------------------------------------
                                            (unaudited)   (audited)  (unaudited)
                                                       (in thousands)

Liabilities:
  Accounts payable and accrued
    expenses                              $   102,032      144,201       94,284
  Notes and loans                           1,023,452    1,025,323    1,074,409
  Policy benefits and losses, claims
    and loss expenses payable                 570,592      592,642      493,003
  Liabilities from premium deposits           433,647      425,347      423,777
  Cash overdraft                               34,130       21,414       24,978
  Other policyholders' funds and
    liabilities                                40,203       34,911       26,695
  Deferred income                             111,584       45,298       42,803
  Deferred income taxes                        63,680       29,082       39,944
                                           ------------------------------------

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
      December 31, 1998, March 31, 1998
      and December 31, 1997                       -            -            -
    Series B preferred stock, with no par                                   
      value, 100,000 shares authorized,
      50,000 shares issued and outstanding
      as of December 31, 1998, 75,000 shares
      issued and outstanding as of March 31,
      1998 and 100,000 shares issued and
      outstanding as of December 31, 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
      December 31, 1998,  March 31, 1998
      and December 31, 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
    December 31, 1998, March 31, 1998
    and December 31, 1997                       9,122        9,122        9,122
  Additional paid-in capital                  288,444      313,444      337,444
  Accumulated other comprehensive income      (14,862)      (9,384)      (9,243)
  Retained earnings                           714,432      658,227      677,078
                                           ------------------------------------
                                              998,577      972,850    1,015,842
  Less:
    Cost of common shares in treasury,
      (19,635,913 shares as of
      December 31, 1998, March 31, 1998
      and December 31, 1997)                  359,723      359,723      359,723
    Unearned employee stock
      ownership plan shares                    17,066       18,068       18,067
                                           ------------------------------------
         Total stockholders' equity           621,788      595,059      638,052

Contingent liabilities and commitments

                                          $ 3,001,108    2,913,277    2,857,945
                                           ==================================== 

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

                Consolidated Statements of Earnings

                  Nine months ended December 31,
                            (Unaudited)

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

Revenues
  Rental revenue                            $    848,771      804,356
  Net sales                                      143,169      140,041
  Premiums                                       165,492      119,890
  Net investment income                           40,647       36,388
                                              -----------------------
       Total revenues                          1,198,079    1,100,675

Costs and expenses
  Operating expense                              663,509      618,116
  Cost of sales                                   84,568       80,834
  Benefits and losses                            130,468      130,914
  Amortization of deferred acquisition
    costs                                         16,902       10,679
  Lease expense                                   87,632       67,027
  Depreciation, net                               53,480       48,795
                                              -----------------------
Total costs and expenses                       1,036,559      956,365

Earnings from operations                         161,520      144,310

  Interest expense, net of interest
    income of $10,417 and $10,307 in
    1998 and 1997, respectively                   44,586       49,301
                                              -----------------------

Pretax earnings                                  116,934       95,009
Income tax expense                               (41,055)     (32,169)
                                              -----------------------
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                          75,879       62,840
Extraordinary loss on early
  extinguishment of debt, net                        -        (13,984)
                                              -----------------------

       Net earnings                         $     75,879       48,856
                                              =======================

Earnings per common share (both
  basic and diluted):
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                    $       2.85         2.15
Extraordinary loss on early
  extinguishment of debt, net                         -         (0.64)
                                              -----------------------

       Net earnings                         $       2.85         1.51
                                              =======================


Weighted average common shares outstanding    21,934,264   21,890,250
                                              =======================


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
                                               Nine months ended December 31, 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
                               --------------------------------------------------------------------------------------------------- 
                               <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                                                                          (201)         (201)
  Repayments from loan                                                                       1,203         1,203
Preferred stock dividends:
 Series A ($1.59 per share)                                              (9,723)                          (9,723)
 Series B ($69.64 per share)                                             (3,756)                          (3,756)
Indemnification in settlement
 of litigation                                                           (6,195)                          (6,195)
Comprehensive income:
 Net income                                                              75,879                           75,879        $ 75,879
 Other comprehensive income,
  net of tax:
   Foreign currency
    translation                                              (6,420)                                      (6,420)         (6,420)
   Unrealized loss on
    investments                                               5,761                                        5,761           5,761
   Fair market value -
    cash flow hedge                                          (4,819)                                      (4,819)         (4,819)
                                                                                                                          ------
 Comprehensive income                                                                                                   $ 70,401
                                ------   -----  -------     -------     -------  --------  -------       -------          ======
Balance at December 31, 1998   $ 1,441   9,122  288,444     (14,862)    714,432  (359,723) (17,066)      621,788
                                ======   =====  =======     =======     =======  ========  =======       =======    
    
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:
  Issuance of shares                                511                                                      511
  Purchase of shares                                                                            (4)           (4)
  Repayments from loan                                                                       2,677         2,677
Preferred stock dividends:
 Series A ($1.59 per share)                                              (9,723)                          (9,723)
 Series B ($60.64 per share)                                             (6,064)                          (6,064)
Comprehensive income:
 Net income                                                              48,856                           48,856        $ 48,856
 Other comprehensive income,
  net of tax:
   Foreign currency
    translation                                              (2,859)                                      (2,859)         (2,859)
   Unrealized loss on
    investments                                               3,338                                        3,338           3,338
                                                                                                                          ------
 Comprehensive income                                                                                                   $ 49,335
                                ------   -----  -------     -------     -------  --------  -------       -------          ======
Balance at December 31, 1997   $ 1,441   9,122  337,444      (9,243)    677,078  (359,723) (18,067)      638,052
                                ======   =====  =======     =======     =======  ========  =======       =======    
<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 December 31,
                            (Unaudited)

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

Revenues
  Rental revenue                            $    249,870      233,026
  Net sales                                       35,602       34,430
  Premiums                                        69,269       40,045
  Net investment income                           13,829       12,752
                                              -----------------------
       Total revenues                            368,570      320,253

Costs and expenses
  Operating expense                              216,525      201,119
  Cost of sales                                   21,659       20,314
  Benefits and losses                             50,477       48,881
  Amortization of deferred acquisition
    costs                                          8,103        3,556
  Lease expense                                   31,100       21,572
  Depreciation, net                               21,578       17,380
                                              -----------------------
       Total costs and expenses                  349,442      312,822

Earnings from operations                          19,128        7,431

Interest expense, net of interest
  income of $3,539 and $3,243 in
  1998 and 1997, respectively                     14,829       15,657
                                              -----------------------

Pretax earnings (loss) from operations             4,299       (8,226)
Income tax benefit (expense)                      (1,821)       2,836
                                              -----------------------

Earnings (loss) from operations before
  extraordinary loss on early
  extinguishment of debt                           2,478       (5,390)
Extraordinary loss on early
  extinguishment of debt, net                        -         (9,846)
                                              -----------------------

       Net earnings (loss)                  $      2,478      (15,236)
                                              ======================= 


Earnings (loss) per common share:
Earnings (loss) from operations before
  extraordinary loss on early
  extinguishment of debt                    $      (0.07)       (0.49)
Extraordinary loss on early
 extinguishment of debt, net                         -          (0.45)
                                              -----------------------

       Net earnings (loss)                  $      (0.07)       (0.94)
                                              =======================


Weighted average common shares outstanding    21,942,190   21,901,521
                                              =======================





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

               Consolidated Statements of Cash Flows

                  Nine months ended December 31,
                            (Unaudited)
                                                   1998        1997
                                                --------------------
                                                    (in thousands)
Cash flows from operating activities:
  Net earnings                                $   75,879      48,856
    Depreciation and amortization                 80,717      81,099
    Provision for losses on accounts
      receivable                                   3,545       3,496
    Net gain on sale of real and
      personal property                             (681)       (667)
    Net gain on sale of investments               (1,745)       (315)
    Changes in policy liabilities and
      accruals                                     7,368      19,765
    Additions to deferred policy
      acquisition costs                          (36,117)     (4,890)
    Net change in other operating assets
      and liabilities                            (98,843)    (37,167)
                                                --------------------

Net cash provided by operating activities         30,123     110,177
                                                --------------------

Cash flows from investing activities:
  Purchases of investments:
    Property, plant and equipment               (235,035)   (317,189)
    Fixed maturities                            (141,792)    (94,451)
    Equity investment                                -       (24,500)
    Preferred stock                              (20,700)        -
    Mortgage loans                                (1,582)    (13,380)
    Common stock                                  (2,553)        -
  Proceeds from sale of investments:
    Property, plant and equipment                196,506     163,503
    Fixed maturities                             177,162      95,562
    Real estate                                    5,196         685
    Preferred stock                                1,858         -
    Mortgage loans                                14,661      15,222
  Changes in other investments                    (3,560)      1,793
                                                --------------------
Net cash used by investing
  activities                                      (9,839)   (172,755)
                                                --------------------

Cash flows from financing activities:
  Net change in short-term borrowings             44,500     171,500
  Debt issuance costs                               (378)     (2,936)
  Proceeds from notes                                -       300,000
  Principal payments on notes                    (46,370)   (380,641)
  Extraordinary loss on early
    extinguishment of debt, net                      -       (13,984)
  Leveraged Employee Stock Ownership Plan:
    Purchase of shares                              (201)         (4)
    Repayments from loan                           1,203       2,677
  Net change in cash overdraft                    12,716       1,372
  Preferred stock dividends paid                 (13,479)    (15,787)
  Repurchase of preferred stock                  (25,000)        -
  Investment contract deposits                    56,217      35,628
  Investment contract withdrawals                (46,149)    (45,177)
                                                --------------------
Net cash provided (used) by
  financing activities                           (16,941)     52,648
                                                --------------------
Increase (decrease)in cash and
  cash equivalents                                 3,343      (9,930)
Cash and cash equivalents at
  beginning of period                             31,606      41,752
                                                --------------------
Cash and cash equivalents at
  end of period                               $   34,949      31,822
                                                ====================



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

              Notes to Consolidated Financial Statements

        December 31, 1998, March 31, 1998 and December 31, 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 December 31, 1998 and 1997,
and  the  related  consolidated statements  of  earnings,  changes  in
stockholders' equity and cash flows for the nine months ended December
31,  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 nine months ended December 31, 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:
   
     September 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       $  15,165  $  15,031      1,939         -      16,970
     U.S. government
       agency mortgage-
       backed securities $  32,975     32,801        877         (18)   33,660
     Obligations of
       states and
       political
       subdivisions      $  10,975     10,904        942         -      11,846
     Corporate
       securities        $ 135,714    137,052      6,502        (248)  143,306
     Mortgage-backed
       securities        $  76,832     75,788      2,723        (200)   78,311
     Redeemable preferred
       stocks                4,434    112,694      1,359      (1,621)  112,432
                                      ----------------------------------------
   
                                      384,270     14,342      (2,087)  396,525
                                      ----------------------------------------
   
     September 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       $  16,505     16,612      1,348         -      17,960
     U.S. government
       agency mortgage-
       backed securities $  33,405     32,958      1,899         -      34,857
     States,
       municipalities
       and political
       subdivisions      $   7,925      8,348        441         (18)    8,771
     Corporate
       securities        $ 329,860    332,637     17,730      (1,639)  348,728
     Mortgage-backed
       securities        $  49,421     49,270      1,885          (5)   51,150
     Redeemable preferred
       stocks                1,286     32,747        645        (358)   33,034
                                      ---------------------------------------- 

                                      472,572     23,948      (2,020)  494,500
                                      ----------------------------------------

            Total                   $ 856,842     38,290      (4,107)  891,025
                                      ========================================
<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:

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

    Investments - fixed maturities                 $   407,755     413,196
    Other investments                                   23,720      22,571
    Receivables                                        139,145     119,368
    Deferred policy acquisition costs                    8,472       5,663
    Due from affiliate                                  24,831      33,020
    Deferred federal income taxes                       14,475      17,531
    Other assets                                        24,821      18,916
                                                       -------------------

         Total assets                              $   643,219     630,265
                                                       ===================

    Policy liabilities and accruals                $   360,657     361,146
    Unearned premiums                                   54,200      50,586
    Other policyholders' funds and liabilities          21,272      23,028
                                                       -------------------
      Total liabilities                                436,129     434,760

    Stockholder's equity                               207,090     195,505
                                                       -------------------

         Total liabilities and
           stockholder's equity                    $   643,219     630,265
                                                       ===================


     A summarized consolidated income statement for RWIC is presented
below:

                                      Nine months ended        Quarter ended
                                        September 30,           September 30,
                                    -------------------       ----------------
                                       1998      1997          1998      1997
                                    ------------------------------------------
                                                   (in thousands)

    Premiums                       $ 104,737   118,753        39,476    39,757
    Net investment income             24,621    23,222         7,969     7,942
                                     -----------------        ----------------
      Total revenue                  129,358   141,975        47,445    47,699

    Benefits and losses               86,711   113,749        30,171    43,831
    Amortization of deferred
      policy acquisition costs         5,402     6,466         3,001     2,155
    Other expenses                    23,093    19,902         6,639     5,678
                                     -----------------        ----------------
      Total expenses                 115,206   140,117        39,811    51,664

        Income from operations        14,152     1,858         7,634    (3,965)
    Federal income tax expense        (4,515)      (35)       (2,555)    1,610
                                     -----------------        ----------------

        Net income                 $   9,637     1,823         5,079    (2,355)
                                     =================        ================
<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:

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

    Investments - fixed maturities                 $   471,015     451,125
    Other investments                                  115,010     102,467
    Receivables                                         42,083      12,357
    Deferred policy acquisition costs                   54,925      35,594
    Due from affiliate                                   3,046         260
    Other assets                                        34,143       1,667
                                                       -------------------

        Total assets                               $   720,222     603,470
                                                       ===================

    Policy liabilities and accruals                $   155,735      81,271
    Premium deposits                                   433,647     423,777
    Other policyholders' funds and liabilities          22,147       5,524
    Deferred taxes                                      12,471      10,457
                                                       -------------------
      Total liabilities                                624,000     521,029

    Stockholder's equity                                96,222      82,441
                                                       -------------------

        Total liabilities and
          stockholder's equity                     $   720,222     603,470
                                                       ===================
     
     A summarized consolidated income statement for Oxford is presented below:

                                      Nine months ended        Quarter ended
                                        September 30,           September 30,
                                     -----------------------------------------
                                       1998      1997          1998      1997
                                     -----------------------------------------
                                                   (in thousands)

    Premiums                        $ 71,389    19,259        35,087     6,559
    Net investment income             14,486    13,400         5,046     4,491
                                      ----------------        ----------------
      Total revenue                   85,875    32,659        40,133    11,050

    Benefits and losses               43,757    17,165        20,306     5,050
    Amortization of deferred
      policy acquisition costs        11,500     4,213         5,102     1,401
    Other expenses                    20,908     4,063        11,768     1,287
                                      ----------------        ----------------
      Total expenses                  76,165    25,441        37,176     7,738

        Income from operations         9,710     7,218         2,957     3,312
    Federal income tax expense        (2,991)   (2,036)         (903)     (951)
                                      ----------------        ----------------

        Net income                  $  6,719     5,182         2,054     2,361
                                      ================        ================

     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), domiciled  in  Wisconsin.   NAI's
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:
 
                                           Unrealized  Fair market  Accumulated
                                Foreign    gain (loss)  value of        other
                                currency      on        cash flow  comprehensive
                               translation investments    hedge         income
                              -------------------------------------------------
                                                   (in thousands)
   
 Balance at March 31, 1998    $ (18,675)       9,291           -         (9,384)
   Foreign currency
    translation                  (6,420)         -             -         (6,420)
   Unrealized gain (loss)
     on investments                 -          5,761           -          5,761
   Fair market value of
     cash flow hedge                -             -         (4,819)      (4,819)
                                -----------------------------------------------
   
 Balance at December 31, 1998 $ (25,095)      15,052        (4,819)     (14,862)
                                ===============================================
   
 Balance at March 31, 1997    $ (14,133)       4,411           -         (9,722)
   Foreign currency
     translation                 (2,859)         -             -         (2,859)
   Unrealized gain (loss)
     on investments                 -          3,338           -          3,338
                                -----------------------------------------------
   
 Balance at December 31, 1997 $ (16,992)       7,749           -         (9,243)
                                ===============================================
   

5.  CONTINGENT LIABILITIES AND COMMITMENTS

     During the nine months ended December 31, 1998, a subsidiary of U-
Haul entered into twelve transactions, whereby the Company sold rental
trucks  and  subsequently  leased back.  The  Company  has  guaranteed
$20,651,000  of residual values at December 31, 1998 for these  assets
at  the  end of the respective lease terms.  U-Haul also 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 nine months ended December 31,  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              $   9,252            -           9,252
             2000                 14,554            -          14,554
             2001                 14,554            -          14,554
             2002                 14,554            -          14,554
             2003                 14,554            -          14,554
             Thereafter           35,027            -          35,027
                                 ------------------------------------
                               $ 102,495            -         102,495
                                 ====================================

     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.  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.   In  response  to  a
request  for  indemnification  by  Edward  J.  Shoen,  the  Board   of
Directors,  in  conjunction with Independent Counsel and  pursuant  to
Nevada  state  law, approved the indemnification of the  $6.0  million
punitive  damage judgment.  The indemnification payment  was  made  on
December 31, 1998, and is reflected in the financial statements  as  a
reduction of retained earnings.


7.  SUPPLEMENTAL CASH FLOWS INFORMATION

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

                                                    Nine Months ended
                                                       December 31,
                                                  1998              1997
                                            ------------------------------
                                                      (in thousands)

        Receivables                       $    (131,711)           (12,262)
                                            ==============================

        Inventories                       $      (2,004)           (12,448)
                                            ==============================

        Accounts payable and
          accrued liabilities             $     (52,556)           (38,065)
                                            ==============================

     Income  taxes paid in cash amounted to $1,065,000 and  $1,367,000
for the nine months ended December 31, 1998 and 1997, respectively.
     
     Interest paid in cash amounted to $57,094,000 and $55,631,000 for
the nine months ended December 31, 1998 and 1997, respectively.
<PAGE> 16     
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)
                                   
                                   
8.  EARNINGS PER SHARE

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

                                      Nine months ended         Quarter ended
                                        December 31,             December 31,
                                      1998       1997        1998        1997
                                  ---------------------------------------------
                                  (in thousands except share and per share data)
Earnings (loss) from operations
  before extraordinary
  loss on early extinguishment   
  of debt                        $   75,879     62,840       2,478      (5,390)
Less dividends
  on preferred shares                13,292     15,863       4,046       5,292
                                  --------------------   ---------------------

                                     62,587     46,977      (1,568)    (10,682)
Extraordinary loss on early
  extinguishment of debt                -      (13,984)        -        (9,846)
                                  --------------------   ---------------------

Net earnings (loss) for per
  share calculation              $   62,587     32,993      (1,568)    (20,528)
                                  ====================   =====================

Net earnings (loss) per share:
Earnings (loss) from operations
  before extraordinary loss
  on early extinguishment
  of debt                        $     2.85       2.15       (0.07)      (0.49)
Extraordinary loss on early
  extinguishment of debt, net            -       (0.64)         -        (0.45)
                                  --------------------   ---------------------

Net earnings (loss)              $     2.85       1.51       (0.07)      (0.94)
                                  ====================   =====================

Weighted average common
  shares outstanding             21,934,264 21,890,250  21,942,190  21,901,521
                                 =====================  ======================
     
     
9.  RELATED PARTIES

     During  the nine months ended December 31, 1998, a subsidiary  of
the  Company  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 $5,988,000
from SAC Holdings during the nine months ended December 31, 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 $1,620,000 during
the   nine  months  ended  December  31,  1998.   The  management  fee
percentage  is  consistent with the fees received by the  Company  for
other properties managed by the Company.

     As  of December 31, 1998, a subsidiary of the Company funded  the
purchase  of  nineteen  properties by SAC Holdings  for  approximately
$18,112,000.
     
     In  December  1998, the Company completed the sale of  twenty-six
storage properties to Six SAC Self-Storage Corporation, a subsidiary of SAC
Holding  Corporation, for $99,685,000.  The Company received cash  and
notes from the sale.  The gain was recorded on the balance sheet.
<PAGE> 17     
                 AMERCO AND CONSOLIDATED SUBSIDIARIES

         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)
                                   
                                   
10.  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.
     
     On  October 1, 1998, the Company adopted Statement of  Financial
Accounting  Standards No. 133, "Accounting for Derivative Instruments
and  Hedging Activities".  This statement standardizes the accounting
for  derivative instruments by requiring an entity to 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.  The Company recorded an after
tax  adjustment  of  $4,819,000  to accumulated  other  comprehensive
income  recognizing the fair value of derivatives designated as  cash
flow  hedges.   The  Company uses interest rate  swap  agreements  to
potentially mitigate the impact of changes in interest rates  on  its
variable rate debt.  For the nine months ended December 31, 1998, the
Company  recognized  $99,000 as interest  expense,  representing  the
ineffectiveness of the cash flow hedging activity.
     
     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.


11.  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)
   
   Nine months ended December 31, 1998
   -----------------------------------
   Revenues:
    Outside         $  993,480    119,626     84,973          -       1,198,079
    Intersegment           -        9,732        902      (10,634)          -
                     ----------------------------------------------------------
    Total revenue   $  993,480    129,358     85,875      (10,634)    1,198,079
   Depreciation/
    amortization    $   54,226      6,757     19,734          -          80,717
   Interest expense,
     net of interest
     income
     of $10,417     $   44,586        -          -            -          44,586
   Pretax earnings  $   93,072     14,152      9,710          -         116,934
   Income tax       $  (33,549)    (4,515)    (2,991)         -         (41,055)
   Identifiable
     assets         $1,983,356    643,219    720,222     (345,689)    3,001,108
<PAGE> 18   
   
   
                 AMERCO AND CONSOLIDATED SUBSIDIARIES
   
         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)
                                   
                                   
11. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued
   
     
                      Moving    Property/             Adjustments
                    and Storage Casualty     Life         and
                    Operations  Insurance  Insurance  Eliminations  Consolidated
                    ------------------------------------------------------------
                                        (in thousands)
   
   Nine months ended December 31, 1997
   -----------------------------------
   Revenues:
    Outside         $  944,163    124,771     31,741          -       1,100,675
    Intersegment           -       17,204        918      (18,122)          -
                     ----------------------------------------------------------
    Total revenue   $  944,163    141,975     32,659      (18,122)    1,100,675
   Depreciation/
     amortization   $   68,909      8,084      4,106          -          81,099
   Interest expense,
     net of interest
     income
     of $10,307     $   49,301        -          -            -          49,301
   Pretax earnings  $   85,933      1,858      7,218          -          95,009
   Income tax       $  (30,099)       (35)    (2,035)         -         (32,169)
   Identifiable
    assets          $1,952,967    630,265    603,470     (328,757)    2,857,945
   
   
   Quarter ended December 31, 1998
   -------------------------------
   Revenues:
    Outside         $  286,286     42,464     39,820          -         368,570
    Intersegment           -        4,981        313       (5,294)          -
                     ----------------------------------------------------------
    Total revenue   $  286,286     47,445     40,133       (5,294)      368,570
   Depreciation/
     amortization   $   20,650      3,319      9,072          -          33,041
   Interest expense,
     net of interest
     income
     of $3,539      $   14,829        -          -            -          14,829
   Pretax earnings  $   (6,292)     7,634      2,957          -           4,299
   Income tax       $    1,637     (2,555)      (903)         -          (1,821)
   
   
   Quarter ended December 31, 1997
   -------------------------------
   Revenues:
    Outside         $  267,775     41,740     10,738          -         320,253
    Intersegment           -        5,959        312       (6,271)          -
                     ----------------------------------------------------------
    Total revenue   $  267,775     47,699     11,050       (6,271)      320,253
   Depreciation/
     amortization   $   34,660      2,747      1,324          -          38,731
   Interest expense,
     net of interest
     income
     of $3,243      $   15,657        -          -            -          15,657
   Pretax earnings  $   (7,573)    (3,965)     3,312          -          (8,226)
   Income tax       $    2,177      1,610       (951)         -           2,836
<PAGE> 19   


                 AMERCO AND CONSOLIDATED SUBSIDIARIES
                                   
         Notes to Consolidated Financial Statements, Continued
                              (Unaudited)


11.  INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued
<TABLE>
<CAPTION>
Geographic Area Data -      United                            United
  (All amounts are in       States     Canada   Consolidated  States   Canada  Consolidated
   U.S. $'s)                --------------------------------  ----------------------------- 
                               Nine months ended                   Quarter ended
                            --------------------------------  -----------------------------
                                                   (in thousands)
<S>                       <C>          <C>        <C>         <C>       <C>       <C>
December 31, 1998
-----------------
Total revenues            $ 1,173,328  24,751     1,198,079   362,108   6,642     368,570
Depreciation/amortization
                          $    78,396   2,321       80,717    32,358      683      33,041
Interest expense, net     $    44,706    (120)      44,586    14,832       (3)     14,829
Income tax                $    41,055     -         41,055    (1,821)     -        (1,821)
Identifiable assets       $ 2,962,672  38,436    3,001,108     n/a      n/a         n/a

December 31, 1997
-----------------
Total revenues            $ 1,074,885  25,790    1,100,675   313,559    6,694     320,253
Depreciation/amortization
                          $    79,198   1,901       81,099    38,107      624      38,731
Interest expense, net     $    49,527    (226)      49,301    15,791     (134)     15,657
Income tax                $    32,169     -         32,169     2,836      -         2,836
Identifiable assets       $ 2,846,724  11,221    2,857,945     n/a      n/a         n/a
</TABLE>


12.  SUBSEQUENT EVENTS

     On January 15, 1999, the Company repurchased 25,000 shares of its
Series B Convertible Preferred Stock for $25,000,000.

     On  February  2,  1999, the Company declared a cash  dividend  of
$3,241,000 ($0.53125 per preferred share) to preferred stockholders of
record as of February 12, 1999.
<PAGE> 20     
     
     
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 11 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

NINE  MONTHS ENDED DECEMBER 31, 1998 VERSUS NINE MONTHS ENDED DECEMBER
31, 1997

Moving and Storage Operations
     Revenues consist of rental revenues and net sales.
     
     Rental  revenue  increased  by $44.4  million,  5.5%,  to  $848.8
million  during the first nine months of fiscal 1999.  An increase  of
$38.1  million  is  attributable  to  the  rental  of  moving  related
equipment, primarily due to higher truck rental revenues.  The  growth
in  truck rental revenues reflects transactional growth due to  higher
inventory  levels  and  improved in-town  utilization.   Additionally,
storage  income  increased by 8.9% to $83.7 million.  An  increase  in
revenue   generated  for  each  rentable  square  foot  was  primarily
responsible.
     
     Net  sales  revenues were $143.2 million during  the  first  nine
months  of fiscal 1999, which represents an increase of 2.2%, compared
to  fiscal 1998 net sales of $140.0 million.  Revenue growth from  the
sale  of moving support items (i.e. boxes, etc.), which was up by 6.5%
during this period, led to the improvement.
     
     Cost  of sales was $84.6 million during the first nine months  of
fiscal  1999, which represents an increase of 4.6%, compared to  $80.8
million  in  fiscal  1998.   This increase  reflects  a  $3.1  million
increase  in  material  costs from the sale of  moving  support  items
reflecting higher sales activity during the period.
     
     Operating  expenses increased to $630.1 million during the  first
nine  months  of  fiscal 1999 from $612.3 million compared  to  fiscal
1998,  an  increase of 2.9%.  A 4.9% increase in equipment maintenance
costs  and  a  4.3%  increase in personnel  costs  accounted  for  the
increase.  All other operating expense categories declined slightly.
     
     Lease  expense increased to $87.6 million during the  first  nine
months  of fiscal 1999 compared to $67.0 million in fiscal 1998.   The
increase  reflects  additional leasing activity over  the  past  year.
Leasing costs are within the planned target range for fiscal 1999.
     
     Net  depreciation expense was $53.5 million during the first nine
months of fiscal 1999 compared to $48.8 million in fiscal 1998.

Property and Casualty
     RWIC  gross premium writings for the nine months ended  September
30, 1998 were $128.6 million compared to $129.8 million for 1997.  The
decrease in premium writings resulted primarily from reduced insurance
transactions with U-Haul.  The rental industry share of gross  premium
writings declined to 42.9% in 1998 as compared to 53.9% in 1997 due to
the  decrease  in U-Haul transactions.  RWIC underwrites  professional
reinsurance  via broker markets.  Premiums in this area  increased  to
33.9%  of  gross premium writings from 27.6% in 1997.   RWIC's  direct
multiple  peril coverage accounted for 15.1% of gross premium writings
compared to 13.2% in 1997.  Premiums in selected general agency  lines
increased to 8.1% of gross premium writings in 1998 compared  to  5.3%
in 1997.  Increased written premium on the excess workers compensation
business contributed to this increase.
<PAGE> 21
     Net  earned  premiums decreased to $104.7 million  for  the  nine
months ended September 30, 1998, compared to $118.8 million for  1997.
The  premium  decrease resulted from the U-Haul Liability programs  in
the  rental  industry business which decreased to $50.9  million  from
$69.7  million in 1997.  Offsetting this decrease was a  $3.4  million
increase  in  the  general agency and direct multiple peril  business,
which  totalled  $4.6  million  and $15.2  million,  respectively,  at
September  30, 1998, and $4.0 million and $12.4 million, respectively,
at  September 30, 1997.  Assumed treaty reinsurance increased to $34.0
million  for  the nine months ending September 30, 1998,  compared  to
$32.7 million in 1997.

     Net investment income was $24.6 million for the nine months ended
September  30, 1998, an increase of 6.0% over the 1997 net  investment
income  of  $23.2 million.  The increase resulted from enhanced  yield
provided by an increased investment in preferred stock.

     Underwriting expenses incurred were $115.2 million for  the  nine
months ended September 30, 1998, a decrease of $24.9 million, or 17.8%
from  1997.  The loss and loss adjustment expenses incurred  decreased
$28.0  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 $3.1 million.

     RWIC  completed  the nine months ended September  30,  1998  with
income  before tax expense of $14.2 million compared to  $1.9  million
for  1997.   This represents an increase of $12.3 million,  or  647.4%
over   1997.    The   increase  resulted  primarily   from   decreased
underwriting expenses.

Life Insurance
     Total  premiums  from  Oxford  and its  subsidiaries  were  $71.4
million  for the nine months ended September 30, 1998, an increase  of
$52.1  million  over  1997.   These increases  are  primarily  due  to
premiums   generated  through  the  acquisitions  of  North   American
Insurance Company (NAI), Safe Mate Life Insurance Company (SML), a new
Medicare   supplement  reinsurance  block  and  direct  new   business
writings.

     Premiums  from  Oxford's  reinsurance lines  before  intercompany
eliminations, not including subsidiaries, were $24.6 million  for  the
nine months ended September 30, 1998, an increase of $11.5 million  or
approximately 87.8% over 1997.  These premiums accounted for 34.4%  of
Oxford's premiums in 1998.  These premiums are primarily from Medicare
supplement  insurance, term life insurance, credit life  and  accident
and  health  insurance,  and  deferred  annuity  contracts  that  have
matured.   Increases  in  premiums are  primarily  from  new  Medicare
supplement insurance reinsurance contracts.  Reinsurance premiums from
NAI  and  SML  totaled $4.9 million and accounted for  6.9%  of  total
premiums for the nine months ended September 30, 1998.

     Premiums   from   Oxford's  direct  lines   before   intercompany
eliminations, not including subsidiaries, were $14.9 million  for  the
nine  months ended September 30, 1998, an increase of $8.7 million  or
140.3%  over  1997.   This  increase in direct  premium  is  primarily
attributable to writing of new Single Premium Whole Life policies  and
new  credit  life and disability insurance.  Oxford's direct  business
related  to group life and disability coverage issued to employees  of
the  Company accounted for 2.7% of premiums for the nine months  ended
September  30,  1998.  Other direct lines, including credit  life  and
health   business,  accounted  for  approximately  18.2%  of  Oxford's
premiums for the nine months ended September 30, 1998.  Premiums  from
Oxford's  subsidiaries,  NAI  and SML, were  $24.6  million  and  $2.4
million, respectively.  These premiums accounted for 37.8% of premiums
for the nine months ended September 30, 1998.

     Net  investment income before intercompany eliminations was $14.5
million and $13.4 million for the nine months ended September 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 $76.2 million for  the  nine
months ended September 30, 1998.  Oxford's benefits and expenses,  not
including subsidiaries, were $47.0 million, an increase of 85.0%  over
1997.   This  increase  is  primarily due to the  acquisition  of  new
Medicare  supplement reinsurance and increases in the amortization  of
policy  acquisition costs for new credit insurance policies.  Benefits
and  expenses related to Oxford's subsidiaries were $29.2 million  for
the nine months ended September 30, 1998.
     
     Operating  profit before tax and before intercompany eliminations
increased  by  $2.5 million or approximately 34.5%  in  1998  to  $9.7
million, primarily due to the acquisition of NAI.
<PAGE> 22


Interest Expense
     Net  interest expense declined to $44.6 million during the  first
nine  months of fiscal 1999, compared to $49.3 million in fiscal 1998.
The  decrease can be attributed to a reduction in the average cost  of
debt and a decrease in average debt levels outstanding.

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).
     
     During the third quarter of fiscal 1998, the Company extinguished
$256.0 million of 6.61% to 8.13% interest-bearing notes originally due
in fiscal 1999 through fiscal 2010.  This resulted in an extraordinary
loss of $9.8 million, net of tax of $5.4 million ($0.45 per share).
     
Consolidated Group
     As  a  result of the foregoing, pretax earnings of $116.9 million
were realized during the first nine months of fiscal 1999, compared to
$95.0  million for fiscal 1998.  After providing for income taxes  and
an  extraordinary loss from the extinguishment of debt,  net  earnings
for  the first nine months of fiscal 1999 were $75.9 million, compared
to $48.9 million for fiscal 1998.

QUARTERLY RESULTS
     The  following table presents unaudited quarterly results for the
eleven  quarters  in  the period beginning April 1,  1996  and  ending
December   31,   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      Dec 31
                                     1998        1998        1998
                                ----------------------------------
Total revenues                 $   389,338     440,171     368,570
Net earnings                        31,230      42,171       2,478
Weighted average common
  shares outstanding (4)        21,924,749  21,935,854  21,942,190
Net earnings (loss)
  per common share (both basic
  and diluted) (1)                    1.21        1.71       (0.07)
          
                                                 Quarter Ended
                                ---------------------------------------------- 
                                   Jun 30      Sep 30      Dec 31      Mar 31
                                     1997        1997        1997        1998
                                ----------------------------------------------
Total revenues                 $   372,021     412,774     320,253     304,894
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> 23
                                                 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 (loss) 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> 24
QUARTER ENDED DECEMBER 31, 1998 VERSUS QUARTER ENDED DECEMBER 31, 1997

Moving and Storage Operations
     Revenues consist of rental revenue and net sales.
     
     Rental  revenue  increased  by $16.8  million,  7.3%,  to  $249.9
million  in the third quarter of fiscal 1999.  This reflects  a  $13.3
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 $35.6 million in the third quarter of fiscal 1999,
which  represents an increase of 3.5% from fiscal 1998  net  sales  of
$34.4  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 $21.7 million in the third quarter of  fiscal
1999,  which  represents an increase of 6.9%  from  $20.3  million  in
fiscal  1998.   The  increase  in cost  of  sales  reflects  increased
material  costs  from the sale of moving support items  which  can  be
attributed to a higher sales level.
     
     Operating  expenses increased to $203.4 million during the  third
quarter of fiscal 1999 from $200.4 million in fiscal 1998, an increase
of  1.5%.   The  increase  reflects  slightly  higher  costs  in  most
operating categories.
     
     Lease expense increased to $31.1 million for the third quarter of
fiscal  1999  compared to $21.6 million in fiscal 1998.  The  increase
reflects increased leasing activity related to rental fleet and  self-
storage  center  acquisitions.  Leasing costs are within  the  planned
target range for fiscal 1999.
     
     Net depreciation expense for the third quarter of fiscal 1999 was
$21.6 million, compared to $17.4 million in fiscal 1998.

Property and Casualty
     RWIC gross premium writings for the third quarter ended September
30,  1998 were $51.7 million compared to $41.9 million for 1997.   The
rental industry share of gross premium writings declined to 44.7%  for
the third quarter of 1998 compared to 60.2% for 1997.  Offsetting this
decrease  was  an  increase  in  assumed  treaty  reinsurance.    RWIC
underwrites professional reinsurance via broker markets.  Premiums  in
this area increased during the third quarter of 1998 to 31.9% of gross
premium  writings, from 12.8% for 1997.  RWIC's direct multiple  peril
coverage  accounted  for 14.1% of gross premium  writings  during  the
third  quarter  of  1998, compared to 15.6% in 1997.   General  agency
premiums decreased to 9.3% of gross premiums writings during the third
quarter  of  1998  compared to 11.4% in 1997.  This  decrease  can  be
attributed to decreased writings on the rental industry and  increased
assumed treaty reinsurance written premium.

     Net  earned  premiums decreased to $39.5 million  for  the  third
quarter ended September 30, 1998, compared to $39.8 million for  1997.
The  premium  decrease resulted from the U-Haul Liability programs  in
the  rental industry business which decreased to $22.2 million for the
third  quarter from $24.7 million for 1997.  Offsetting this  decrease
in  net  earned  premiums was a $1.7 million increase in  the  general
agency  and  direct multiple peril business, which consisted  of  $1.4
million  and  $5.4 million, respectively, for the third quarter  ended
September  30,  1998 and $0.5 million and $4.6 million,  respectively,
for  1997.  Assumed treaty reinsurance increased to $10.5 million  for
the third quarter of 1998 compared to $10.0 million for 1997.
     
     Net  investment  income was $7.9 million for both quarters  ended
September 30, 1998 and 1997.

     Underwriting expenses incurred were $39.8 million for  the  third
quarter  ended  September 30, 1998, a decrease of  $11.8  million,  or
22.9% from 1997.  A decrease of $14.1 million resulted from the losses
and  loss  adjustment expenses incurred.  This decrease was  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.   All  other  underwriting  expenses  increased  in  the
aggregate by $2.2 million.
<PAGE> 25
     RWIC  completed the third quarter of 1998 with income before  tax
expense  of  $7.7 million compared to $(3.9) million for  1997.   This
represents  an  increase of $11.6 million, or 297.4% over  1997.   The
increase resulted primarily from decreased underwriting expenses.
     
Life Insurance
     Total  premiums  from  Oxford  and its  subsidiaries  were  $35.1
million for the third quarter ended September 30, 1998, an increase of
$28.5  million  over  1997.  These increases are  due  to  new  Single
Premium  Whole  Life  Writings, a new Medicare supplement  reinsurance
contract  and premiums generated through the acquisition  of  NAI  and
SML.

     Premiums from Oxford's reinsurance lines, excluding subsidiaries,
and  before intercompany eliminations were $18.6 million for the third
quarter  ended  September 30, 1998, an increase of  $14.2  million  or
322.7% over 1997, and accounted for 53.0% of Oxford's premiums.  These
premiums  are  primarily  from term life insurance,  deferred  annuity
contracts  that  have matured and Medicare supplement insurance.   The
premiums  have increased due to the acquisition of a large reinsurance
block of Medicare supplement insurance.
     
     Premiums from Oxford's direct lines, excluding subsidiaries,  and
before  intercompany  eliminations were $16.5 million  for  the  third
quarter  ended  September 30, 1998, an increase of  $14.2  million  or
645.5%  over  1997.   This  increase in direct  premium  is  primarily
attributable  to  the  new  writings  of  Single  Premium  Whole  Life
policies, credit life and disability, and premiums generated from  the
acquisition of NAI and SML.  Oxford's direct business related to group
life  and  disability coverage issued to employees of the Company  was
$0.7  million and accounted for 2.0% of premiums.  Premiums from other
direct  lines,  excluding  subsidiaries,  including  credit  life  and
disability  business, accounted for 12.5% of Oxford's premium  in  the
third  quarter  ended  September 30,  1998.   Premiums  from  Oxford's
subsidiaries,  NAI  and  SML, were $10.6  million  and  $0.8  million,
respectively,  and  accounted for 32.5%  of  premiums  for  the  third
quarter ended September 30, 1998.
     
     Net  investment income before intercompany eliminations was  $5.0
million  for  the  third quarter ended September  30,  1998  and  $4.5
million for 1997.
     
     Benefits  and expenses incurred were $37.2 million for the  third
quarter  ended  September  30, 1998.  Oxford, excluding  subsidiaries,
incurred benefits and expenses of $26.7 million, an increase of 241.6%
over  1997.  This increase is primarily due to the assumption  of  the
Medicare supplement reinsurance and an increase in the amortization of
new  policy  acquisition  costs.  Benefits  and  expenses  related  to
Oxford's subsidiaries were $10.5 million.
     
     Operating  profit before tax and before intercompany eliminations
decreased  by  $0.5  million, or 14.3%, in  the  third  quarter  ended
September  30, 1998 to $3.0 million, primarily due to the  acquisition
of new insurance business costs.

Interest Expense, net
     Net  interest expense was $14.8 million in the third  quarter  of
fiscal 1999 versus $15.7 million for fiscal 1998.  The decrease can be
attributed to a reduction in average debt levels outstanding.

Extraordinary Loss on Extinguishment of Debt
     During the third quarter of fiscal 1998, the Company extinguished
$256.0 million of 6.61% to 8.13% interest-bearing notes originally due
in fiscal 1999 through fiscal 2010.  This resulted in an extraordinary
loss of $9.8 million, net of tax of $5.4 million ($0.45 per share).
     
Consolidated Group
     As  a  result  of the foregoing, pretax earnings of $4.3  million
were recognized during the third quarter of fiscal 1999, compared to a
pretax  loss  of  $8.2 million for fiscal 1998.  After  providing  for
income taxes and extraordinary losses from the extinguishment of debt,
net  earnings for the third quarter of fiscal 1999 were $2.5  million,
compared to a net loss of $15.2 million for fiscal 1998.
<PAGE> 26
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 December  31,  1998,  net
property, plant and equipment represented approximately 63.6% of total
U-Haul assets and approximately 42.0% of consolidated assets.  Through
the  third  quarter of fiscal 1999, capital expenditures  were  $235.0
million,   compared  to  $317.2  million  for  fiscal   1998.    These
acquisitions  were  funded  with  internally  generated   funds   from
operations and lease financings.
     
     Cash  flows  provided by operating activities were $58.4  million
for the first nine months of fiscal 1999, compared to $95.9 million in
fiscal  1998.   A  decrease  in  accounts  payable  and  increases  in
inventories and prepaid expenses contributed to the decrease.
     
     In  December  1998, the Company completed the sale of  twenty-six
storage properties receiving cash and notes in exchange.  Using the proceeds
from  the  real estate sale, the Company repurchased $25.0 million  of
its  Series  B  Convertible Preferred Stock in  January  1999.   These
transactions are consistent with management's objectives  to  increase
shareholder  value by raising operating profits and margins,  reducing
leverage,  improving  coverage ratios and  elevating  credit  ratings.
Ongoing  analysis of the balance sheet and capital structure may  lead
the Company to execute similar types of transactions in the future.
     
Property and Casualty
     Cash  flows provided (used) by operating activities were  $(29.6)
million and $7.9 million for the nine months ended September 30,  1998
and 1997, respectively.  The change resulted mainly from increases  in
funds withheld and paid losses recoverable and the change in loss  and
expense reserves.  Offsetting were increases in net income and federal
income tax payable, decreases in accounts receivable and other assets,
and a larger unearned premium increase compared to 1997.

     RWIC's  cash  and  cash  equivalents  and  short-term  investment
portfolio  were $9.3 million and $13.8 million at September  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 100.9% of total liabilities.

     Stockholder's equity increased $11.6 million from $195.5  million
at  September 30, 1997 to $207.1 million at September 30, 1998.   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.

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 $11.3  million
and  $6.4  million for the nine months ended September  30,  1998  and
1997,   respectively.   Cash  flows  provided  (used)   by   financing
activities  were $10.1 million and $(9.5) million for the nine  months
ended  September  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  September  30,
1998  and  1997, short-term investments amounted to $32.3 million  and
$6.1  million,  respectively.  Management believes  that  the  overall
sources of liquidity will continue to meet foreseeable cash needs.
     
     Stockholder's  equity of Oxford increased  to  $96.2  million  at
September 30, 1998 from $82.4 million at September 30, 1997, primarily
as a result of earnings from operations.
<PAGE> 27
     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 September 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 December 31,  1998,  the  Company  had
$1,023.5  million  in  total notes and loans payable  outstanding,  as
compared with $1,025.3 million at March 31, 1998, and $1,074.4 million
at December 31, 1997.  Unutilized committed lines of credit are $169.0
million at December 31, 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 December 31, 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
complete  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 the last two digit entries in the date code
field instead of four digits to indicate the year.  Such programs  may
interpret  the  year  2000 to mean 1900 instead,  producing  erroneous
information or date-related transactional failures.
     
     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.  Replacing, upgrading or modifying key
financial  systems has been on-going 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,  with  the  testing phase going on at  the  same  time.   In
particular,  the  Company  has  an  outside  consulting  firm  on-site
currently  making  the Year 2000 compliance related  modifications  to
existing systems.
     
     The  Company  is  also  assessing its non-information  technology
items  for  Year 2000 compliance, such as rental vehicles and  storage
facilities security systems.
     
     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.   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.
<PAGE> 28     
     The  Company  expects to be Year 2000 compliant by  the  fall  of
calendar  year  1999.  The Company started with an initial  budget  of
$2.0  million;  as  the  conversion  process  continues,  it  is   now
anticipated that an additional $0.8 million may be incurred.   Through
December  31,  1998, $1.4 million has been incurred.  The  Company  is
accelerating  the replacement of its payroll system due to  year  2000
non-compliance  at an estimated cost of $0.3 million  to  be  incurred
starting in June 1999.  The Company has not deferred any critical path
functions due to Year 2000 efforts.  Although the Company believes  it
will  achieve compliance on a timely basis, no assurance can be  given
that the Company's computer systems will be Year 2000 compliant by the
fall  of 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.
     
     The  Company  is  in  the  process  of  developing  and  refining
contingency  plans  to be used for processing of rental  transactions,
payments to employees and vendors, licensing of equipment, preparation
of  financial  statements and the movement of funds, if  in  the  most
reasonably likely worst case scenario, a business partner is not  Year
2000 compliant.  It is anticipated that the contingency plans will  be
completed  by  fiscal year end, with refinement continuing  until  the
year 2000.
     
     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.   In  response  to  a
request  for  indemnification  by  Edward  J.  Shoen,  the  Board   of
Directors,  in  conjunction with Independent Counsel and  pursuant  to
Nevada  state  law, approved the indemnification of the  $6.0  million
punitive  damage judgment.  The indemnification payment  was  made  on
December 31, 1998.
<PAGE> 29




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
         December 31, 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 December 31, 1997, file no. 0-7862.
<PAGE> 30
                              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: February 12, 1999             By: /S/ GARY B. HORTON
                                   ___________________________________
                                        Gary B. Horton, Treasurer
                                      (Principal Financial Officer)