<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 June 30, 1998
                                  
                                  
                                 OR
                                  
                                  
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934
For the transition period from __________________ to __________________

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

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


  2-38498         U-Haul International, Inc.             86-0663060
                  (A Nevada Corporation)
                  2727 N. Central Avenue Phoenix, Arizona 85004
                  Telephone (602) 263-6645
                  
Indicate by check mark whether the registrant (1) has filed all
reports required  to be filed by Section 13 or 15(d) of the
Securities Exchange Act  of 1934 during the preceding 12 months (or
for such shorter period that  the  registrant was required to file
such reports), and  (2)  has been subject to such filing requirements
for the past 90 days.
Yes [X] No [ ].

22,614,087  shares  of  AMERCO  Common  Stock,  $0.25  par  value
were outstanding at August 7, 1998.

5,385  shares  of  U-Haul International, Inc. Common Stock,  $0.01
par value,  were outstanding at August 7, 1998. U-Haul International,
Inc. meets  the conditions set forth in General Instruction H(1)(a)
and  (b) of  Form  10-Q  and  is  therefore filing this form  with
the  reduced disclosure format.
<PAGE> 2
                          TABLE OF CONTENTS

                                  

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements.

      a)  Consolidated Balance Sheets as of June 30, 1998,
          March 31, 1998 and June 30, 1997...................     4
                           
      b)  Consolidated Statements of Earnings for the
          Quarters ended June 30, 1998 and 1997..............     6

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

      d)  Consolidated Statements of Cash Flows for the
          Quarters ended June 30, 1998 and 1997..............     8

      f)  Notes to Consolidated Financial Statements -
          June 30, 1998, March 31, 1998 and
          June 30, 1997......................................     9

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

PART II.  OTHER INFORMATION

Item 5.   Other Information.....................................  23

Item 6.   Exhibits and Reports on Form 8-K......................  25


<PAGE> 3

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


              AMERCO AND CONSOLIDATED SUBSIDIARIES
                                
                   Consolidated Balance Sheets
                                
                                
                                            June 30,    March 31,    June 30,
              ASSETS                          1998        1998         1997
                                           ------------------------------------
                                           (unaudited)   (audited)  (unaudited)
                                                     (in thousands)


Cash and cash equivalents                 $   40,728      31,606       33,178
Receivables                                  340,388     317,620      242,214
Inventories                                   72,486      68,887       62,926
Prepaid expenses                              17,330      21,154       19,775
Investments, fixed maturities                891,025     886,873      850,667
Investments, other                           159,018     164,064      150,262
Deferred policy acquisition costs             49,682      44,255       50,924
Other assets                                 102,972     103,062       73,594
                                           ----------------------------------

Property, plant and equipment, at
  cost:
  Land                                       207,982     208,028      210,995
  Buildings and improvements                 835,533     838,419      819,770
  Furniture and equipment                    219,173     214,513      201,911
  Rental trailers and other rental
    equipment                                179,632     179,225      174,373
  Rental trucks                              978,953     939,561    1,051,231
                                           ----------------------------------
                                           2,421,273   2,379,746    2,458,280
  Less accumulated depreciation            1,112,072   1,103,990    1,106,084
                                           ----------------------------------
       Total property, plant and
         equipment                         1,309,201   1,275,756    1,352,196
                                           ----------------------------------








                                         $ 2,982,830   2,913,277    2,835,736
                                           ==================================








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



<PAGE> 5




                                            June 30,    March 31,    June 30,
LIABILITIES AND STOCKHOLDERS' EQUITY          1998        1998         1997
                                           ----------------------------------
                                           (unaudited)  (audited) (unaudited)
                                                     (in thousands)
Liabilities:
  Accounts payable and accrued
    expenses                             $   125,243     144,201      137,309
  Notes and loans                          1,062,512   1,025,323    1,035,340
  Policy benefits and losses, claims
    and loss expenses payable                586,715     592,642      468,568
  Liabilities from premium deposits          428,100     425,347      429,984
  Cash overdraft                              24,346      21,414       47,942
  Other policyholders' funds and
    liabilities                               38,533      34,911       31,896
  Deferred income                             45,111      45,298       36,317
  Deferred income taxes                       54,045      29,082       28,000
                                           -----------------------------------
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 June 30,
     1998, March 31, 1998 and June 30, 1997      -           -            -
    Series B preferred stock, with no par
      value, 100,000 shares authorized,
      75,000 shares issued and outstanding
      as of June 30, 1998, March 31, 1998
      and 100,000 issued and
      outstanding as of June 30, 1997            -           -            -
  Serial common stock, with or
      without par value, 150,000,000
      shares authorized -
    Series A common stock of $0.25 par
      value, 10,000,000 shares authorized,
      5,762,495 shares issued as of
      June 30, 1998,  March 31, 1998
      and June 30, 1997                        1,441       1,441        1,441
  Common stock of $0.25 par value,
    150,000,000 shares authorized,
    36,487,505 shares issued as of June 30,
    1998, March 31, 1998  and June 30, 1997    9,122       9,122        9,122
  Additional paid-in capital                 313,444     313,444      337,933
  Accumulated other comprehensive income     (12,873)     (9,384)     (15,797)
  Retained earnings                          684,697     658,227      667,976
                                           ----------------------------------
                                             995,831     972,850    1,000,675
  Less:
    Cost of common shares in treasury,
      (19,635,913 shares as of June 30,
      1998, March 31, 1998 and
      June 30, 1997)                         359,723     359,723      359,723
    Unearned employee stock
      ownership plan shares                   17,883      18,068       20,572
                                           ----------------------------------
         Total stockholders' equity          618,225     595,059      620,380

Contingent liabilities and commitments

                                         $ 2,982,830   2,913,277    2,835,736
                                           ==================================

The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE> 6
               AMERCO AND CONSOLIDATED SUBSIDIARIES
                                 
                Consolidated Statements of Earnings
                                 
                      Quarters ended June 30,
                            (Unaudited)
                                 
                                                   1998        1997
                                             -------------------------
                                                (in thousands except
                                             share and per share data)

Revenues
  Rental revenue                            $    281,413     265,146
  Net sales                                       56,313      55,482
  Premiums                                        38,430      35,465
  Net investment income                           13,182      11,555
                                              ---------------------- 
       Total revenues                            389,338     367,648

Costs and expenses
  Operating expense                              209,536     189,773
  Cost of sales                                   32,695      30,810
  Benefits and losses                             35,580      38,421
  Amortization of deferred acquisition
    costs                                          4,611       3,460
  Lease expense                                   26,962      23,017
  Depreciation, net                               17,573      20,579
                                              ----------------------
Total costs and expenses                         326,957     306,060

Earnings from operations                          62,381      61,588

  Interest expense, net of interest
   income of $3,642 and $3,478 in
   1998 and 1997, respectively                    15,009      17,468
                                              ----------------------  

Pretax earnings                                   47,372      44,120
Income tax expense                               (16,142)    (14,922)
                                              ----------------------

       Net earnings                         $     31,230      29,198
                                              ======================

Earnings per common share (both
  basic and diluted):
Net earnings                                $       1.21        1.09
                                              ======================

Weighted average common shares outstanding    21,924,749  21,879,156
                                              ======================

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
                                               Quarters ended June 30, 1998 and 1997
                                                               (unaudited)
                                                              (in thousands)


                                                                                           Unearned
                                                          Accumulated                      Employee
                              Series A        Additional     Other                          Stock         Total
                               Common  Common  Paid-in   Comprehensive Retained  Treasury   Ownership  Stockholders' Comprehensive
                                Stock   Stock  Capital      Income     Earnings   Stock    Plan Shares    Equity         Income
                             -----------------------------------------------------------------------------------------------------
<S>                          <C>        <C>    <C>         <C>         <C>       <C>        <C>           <C>            <C>
Balance at March 31, 1998    $  1,441   9,122  313,444      (9,384)    658,227   (359,723)  (18,068)      595,059
Leveraged employee stock
     ownership plan:
      Purchase of shares                                                                         (1)           (1)
      Repayments from loan                                                                      186           186
Preferred stock dividends:
 Series A ($0.53 per share)                                             (3,241)                            (3,241)
 Series B ($20.39 per share)                                            (1,519)                            (1,519)
Comprehensive income:
 Net income                                                             31,230                             31,230        $ 31,230
 Other comprehensive income,
  net of tax:
   Foreign currency
    translation                                             (2,507)                                        (2,507)         (2,507)
   Unrealized loss on
    investments                                               (982)                                          (982)           (982)
                                                                                                                           ------
 Comprehensive income                                                                                                    $ 27,741
                                -----   -----  -------     -------     -------   --------   -------       -------          ======
Balance at June 30, 1998        1,441   9,122  313,444     (12,873)    684,697   (359,723)  (17,883)      618,225
                                =====   =====  =======     =======     =======   ========   =======       =======  

Balance at March 31, 1997       1,441   9,122  337,933      (9,722)    644,009   (359,723)  (20,740)      602,320

Leveraged employee stock
 ownership plan:
  Purchase of shares                                                                             (1)           (1)
  Repayments from loan                                                                          169           169
Preferred stock dividends:
 Series A ($0.53 per share)                                             (3,241)                            (3,241)
 Series B ($19.90 per share)                                            (1,990)                            (1,990)
Comprehensive income:
 Net income                                                             29,198                             29,198        $ 29,198
 Other comprehensive income,
  net of tax:
   Foreign currency
    translation                                               (232)                                          (232)           (232)
   Unrealized loss on
    investments                                             (5,843)                                        (5,843)         (5,843)
                                                                                                                           ------
 Comprehensive income                                                                                                    $ 23,123
                                -----   -----  -------     -------     -------   --------   -------       -------          ======
Balance at June 30, 1997        1,441   9,122  337,933     (15,797)    667,976   (359,723)  (20,572)      620,380
                                =====   =====  =======     =======     =======   ========   =======       =======


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

              AMERCO AND CONSOLIDATED SUBSIDIARIES
                                
              Consolidated Statements of Cash Flows
                                
                      Quarters ended June 30,
                           (Unaudited)
                                                   1998      1997
                                                ------------------
                                                    (in thousands)
Cash flows from operating activities:
  Net earnings                                $   31,230    29,198
    Depreciation and amortization                 23,052    25,435
    Provision for losses on accounts
      receivable                                     918     1,120
    Net (gain) loss on sale of real and
      personal property                             (191)       89
    Gain on sale of investments                     (719)       75
    Changes in policy liabilities and
      accruals                                         8     7,870
    Additions to deferred policy
      acquisition costs                          (10,038)   (3,545)
    Net change in other operating assets
      and liabilities                            (22,289)   19,815
                                                ------------------

Net cash provided by operating activities         21,971    80,057
                                                ------------------

Cash flows from investing activities:
  Purchases of investments:
    Property, plant and equipment                (97,357) (210,431)
    Fixed maturities                             (55,238)  (39,134)
    Private equity investment                        -     (24,500)
    Preferred Stock                               (1,500)     (979)
    Mortgage loans                                  (927)   (6,036)
  Proceeds from sale of investments:
    Property, plant and equipment                 45,684    82,937
    Fixed maturities                              52,980    39,757
    Real estate                                       47       138
    Mortgage loans                                 3,800     6,809
  Changes in other investments                     1,451     1,497
                                                ------------------
Net cash provided (used) by investing
  activities                                     (51,060) (149,942)
                                                ------------------

Cash flows from financing activities:
  Net change in short-term borrowings             38,500    76,000
  Debt issuance costs                                (96)     (439)
  Loan to leveraged Employee Stock
    Ownership Plan                                    (1)       (1)
  Repayments from leveraged Employee Stock
    Ownership Plan                                   186       169
  Principal payments on notes                     (1,311)  (24,210)
  Net change in cash overdraft                     2,932    24,336
  Preferred stock dividends paid                  (4,760)   (5,231)
  Investment contract deposits                    17,903     4,818
  Investment contract withdrawals                (15,142)  (14,131)
                                                ------------------
Net cash provided (used) by
  financing activities                            38,211    61,311
                                                ------------------
Increase (decrease)in cash and
  cash equivalents                                 9,122    (8,574)
Cash and cash equivalents at
  beginning of period                             31,606    41,752
                                                ------------------
Cash and cash equivalents at
  end of period                               $   40,728    33,178
                                                ==================


The  accompanying notes are an integral part of these consolidated financial
statements.
<PAGE> 9
               AMERCO AND CONSOLIDATED SUBSIDIARIES
                                 
            Notes to Consolidated Financial Statements
                                 
          June 30, 1998, March 31, 1998 and June 30, 1997
                            (Unaudited)


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

PRINCIPLES OF CONSOLIDATION
     The consolidated financial statements include the accounts
of the parent corporation, AMERCO, and its subsidiaries,
substantially all  of which are wholly-owned.  All material
intercompany accounts and   transactions  of  AMERCO  and  its
subsidiaries  have   been eliminated.

     The  consolidated balance sheets as of June 30, 1998 and
1997, and  the  related consolidated statements of earnings,
changes  in stockholders' equity and cash flows for the quarters
ended June 30, 1998  and  1997  are unaudited; in the opinion of
management,  all adjustments  necessary for a fair presentation
of  such  financial statements have been included.  Such
adjustments consisted only  of normal  recurring  items.
Interim  results  are  not  necessarily
indicative of results for a full year.

     The  operating  results  and financial  position  of
AMERCO's consolidated insurance operations are determined on a
one  quarter lag.   There  were no effects related to intervening
events  which would  significantly  affect  consolidated
financial  position  or results  of  operations  for  the
financial  statements  presented herein.

     The  financial statements and notes are presented as
permitted by Form 10-Q and do not contain certain information
included in the Company's annual financial statements and notes.

     Basic  earnings  per common share are computed  based  on
the weighted  average  number  of shares outstanding  for  the
period, excluding shares of the employee stock ownership plan that
have not been   committed  to  be  released.  Preferred  dividends
include undeclared  or  unpaid  dividends of the Company.   Net
income  is reduced for preferred dividends for the purpose of the
calculation. The  Company does not have any potential common stock
that was  not included  in the calculation of diluted earnings per
share  because it  is antidilutive in the current period.
Accordingly, basic  and diluted earnings per share are equal.

     Certain  reclassifications have been  made  to  the
financial statements for the quarter ended June 30, 1997 to
conform with the current year's presentation.
<PAGE> 10
               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:

March 31, 1998                                                                
--------------       Par Value                 Gross       Gross     Estimated
Consolidated         or number    Amortized  unrealized  unrealized    market
Held-to-Maturity     of shares       cost      gains       losses       value
                     ---------------------------------------------------------
                                            (in thousands)
U.S. treasury
  securities
  and government
  obligations        $  13,415    $  13,241      1,362         -       14,603
U.S. government
  agency mortgage-
  backed securities  $  37,230       37,026        461        (706)    36,781
Obligations of
  states and
  political
  subdivisions       $  27,045       26,896      1,343         -       28,239
Corporate
  securities         $ 152,827      155,883      4,384        (395)   159,872
Mortgage-backed
  securities         $  94,539       93,272      1,704        (429)    94,547
Redeemable preferred
  stocks                 2,828       75,183        991        (108)    76,066
                                    -----------------------------------------

                                    401,501     10,245      (1,638)   410,108
                                    -----------------------------------------

March 31, 1998
--------------                                 Gross       Gross     Estimated
Consolidated                      Amortized  unrealized  unrealized   market
Available-for-Sale   Par Value       cost      gains       losses      value
                     ---------------------------------------------------------
                                            (in thousands)

U.S. treasury
  securities and
  government
  obligations        $  18,205       18,324        978          (5)    19,297
U.S. government
  agency mortgage-
  backed securities  $  34,794       34,252      1,227         (13)    35,466
States,
  municipalities
  and political
  subdivisions       $   8,125        8,551        431         (28)     8,954
Corporate
  securities         $ 341,722      344,564     11,971      (1,674)   354,861
Mortgage-backed
  securities         $  53,993       53,715      1,287         (56)    54,946
Redeemable preferred
  stocks                   591       15,369        645         (14)    16,000
                                    -----------------------------------------

                                    474,775     16,539      (1,790)   489,524
                                    -----------------------------------------

      Total                       $ 876,276     26,784      (3,428)   899,632
                                    =========================================



<PAGE> 11



               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:

                                                             March 31,
                                                     ---------------------
                                                          1998       1997
                                                     ---------------------
                                                          (in thousands)

    Investments - fixed maturities                 $   425,133     411,652
    Other investments                                   25,194      22,122
    Receivables                                        137,311     114,790
    Deferred policy acquisition costs                    7,203       9,778
    Due from affiliate                                  34,304      22,352
    Deferred federal income taxes                       16,724      14,751
    Other assets                                         8,205       9,095
                                                     ---------------------

         Total assets                              $   654,074     604,540
                                                     =====================

    Policy liabilities and accruals                $   380,573     336,969
    Unearned premiums                                   44,767      48,823
    Other policyholders' funds and liabilities          31,937      25,721
                                                     ---------------------
         Total liabilities                             457,277     411,513

    Stockholder's equity                               196,797     193,027
                                                     ---------------------

              Total liabilities and
                stockholder's equity               $   654,074     604,540
                                                     =====================


     A   summarized  consolidated  income  statement  for  RWIC  is
presented below:

                                                    Quarter ended March 31,
                                                    -----------------------
                                                         1998        1997
                                                    -----------------------
                                                          (in thousands)

    Premiums                                       $    22,727      34,482
    Net investment income                                8,237       7,282
                                                     ---------------------
         Total revenue                                  30,964      41,764

    Benefits and losses                                 24,456      31,880
    Amortization of deferred policy
      acquisition costs                                  1,801       2,155
    Other expenses                                       2,484       2,706
                                                     ---------------------
         Income from operations                          2,223       5,023
    Federal income tax expense                            (625)     (1,550)
                                                     ---------------------

    Net income                                     $     1,598       3,473
                                                     =====================
<PAGE> 12
               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:

                                                             March 31,
                                                     ---------------------
                                                         1998        1997
                                                     ---------------------
                                                          (in thousands)

    Investments - fixed maturities                 $   465,892     439,015
    Other investments                                  112,446     105,911
    Receivables                                         54,524      12,349
    Deferred policy acquisition costs                   42,479      41,146
    Due from affiliate                                     506         507
    Other assets                                        30,938       2,928
                                                       -------------------  

         Total assets                              $   706,785     601,856
                                                       ===================

    Policy liabilities and accruals                $   161,375      82,776
    Premium deposits                                   428,100     429,984
    Other policyholders' funds and liabilities          18,521       6,587
    Deferred taxes                                      11,256       8,856
                                                       -------------------
         Total liabilities                             619,252     528,203

    Stockholder's equity                                87,533      73,653
                                                       -------------------

              Total liabilities and
                stockholder's equity               $   706,785     601,856
                                                       ===================

     A summarized consolidated income statement for Oxford is presented below:

                                                    Quarter ended March 31,
                                                    -----------------------
                                                         1998        1997
                                                    -----------------------
                                                          (in thousands)

    Premiums                                       $    16,018       5,943
    Net investment income                                4,395       4,388
                                                      --------------------
         Total revenue                                  20,413      10,331

    Benefits and losses                                 11,124       6,541
    Amortization of deferred policy
      acquisition costs                                  2,810       1,305
    Other expenses                                       2,698         434
                                                      --------------------
         Income from operations                          3,781       2,051
    Federal income tax expense                          (1,262)       (604)
                                                      --------------------

    Net income                                     $     2,519       1,447
                                                      ====================


  On  November 21, 1997, Oxford purchased all of the issued  and
outstanding  shares of Encore Financial, Inc. and its  subsidiaries
(Encore)  for  $11,569,000.  Encore's primary subsidiary  is  North
American  Insurance  Company (NAI).  NAI is  an  insurance  company
domiciled  in  Wisconsin whose premium volume is primarily  derived
from the sale of credit life and disability products.  NAI owns
all of  the issued and outstanding common shares of North American
Fire &  Casualty  Insurance Company, a property and  casualty insurance
company domiciled in Louisiana.

     On  November 24, 1997, Oxford purchased all of the issued
and outstanding  shares  of  Safe  Mate  Life  Insurance  Company
for $2,243,000,  domiciled in Texas, whose 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> 13


               AMERCO AND CONSOLIDATED SUBSIDIARIES
                                 
       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)
                            
                            
4.   CONTINGENT LIABILITIES AND COMMITMENTS

       During the three months ended June 30, 1998, a subsidiary of
U-Haul  entered into three transactions, and has subsequently
entered into three additional transactions, whereby the Company
sold rental trucks  and  subsequently leased back.  The Company
has  guaranteed $5,522,000  of residual values at June 30, 1998,
and an  additional $4,203,000 of residual values subsequent to
June 30, 1998 for these assets  at  the  end  of the respective
lease terms.   U-Haul  also subsequently entered into one
transaction, whereby the Company sold and subsequently leased
back computer equipment.  Following are the lease  commitments
for the leases executed during the three  months ended  June  30,
1998, and subsequently which have a term  of  more than one year
(in thousands):
                                              Net activity
             Year ended           Lease       subsequent to
              March 31,        Commitments     quarter end      Total
           ----------------------------------------------------------
             1999              $   3,115          2,053         5,168
             2000                  3,886          2,996         6,882
             2001                  3,886          2,996         6,882
             2002                  3,886          2,996         6,882
             2003                  3,886          2,996         6,882
             Thereafter            8,546          6,934        15,480
                                 ------------------------------------  
                               $  27,205         20,971        48,176
                                 ====================================



     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.


5.   SUPPLEMENTAL CASH FLOWS INFORMATION

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

                                            Quarters ended June 30,
                                            -----------------------
                                               1998          1997
                                            -----------------------
                                                (in thousands)
                                                
        Receivables                       $  (24,243)       (9,049)
                                            ======================

        Inventories                       $   (3,599)        2,868
                                            ======================

        Accounts payable and
          accrued liabilities             $  (30,210)        6,744
                                            ====================== 

     There were no income taxes paid in cash for the quarters ended
     June 30, 1998 and 1997.

     Interest  paid in cash amounted to $20,282,000 and $17,395,000
     for the quarters ended June 30, 1998 and 1997, respectively.
<PAGE> 14
               AMERCO AND CONSOLIDATED SUBSIDIARIES

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

      Earnings per share are computed based on the weighted
average number  of  shares outstanding for the year and quarterly
periods, 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
purposes of the calculation.

     The  following table reflects the calculation of the
earnings per share:
                                        Quarters ended June 30,
                                       ------------------------
                                           1998          1997
                                       ------------------------
                                         (in thousands except
                                       share and per share data)
     Earnings from operations     $       31,230        29,198
     Less dividends
       on preferred shares                 4,744         5,255
                                       -----------------------
     Net earnings for per
       share calculation          $       26,486        23,943
                                       =======================

     Earnings per common share    $         1.21          1.09
                                       =======================

     Weighted average common
       shares outstanding              21,924,749   21,879,156
                                       =======================


7.  RELATED PARTIES

      During the three months ended June 30, 1998, a subsidiary
held various  senior  and junior notes with SAC Holding
corporation  and its  subsidiaries (SAC Holdings).  The voting
common stock  of  SAC Holdings  is  held  by Mark V. Shoen, a
major  stockholder  of  the Company.

     The   Company's  subsidiary  received  interest  payments   of
$1,794,000 from SAC Holdings during the quarter.

     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 $520,000  during  the  three  months  ended
June 30, 1998.  The management fee percentage is consistent with
the fees received by the Company for other properties managed by
the Company.


8.  NEW ACCOUNTING STANDARDS

     On  April  1,  1995,  the  Company  implemented  Statement
of Position  93-7,  "Reporting on Advertising Costs",  issued  by
the Accounting  Standards Executive Committee in December  1993.
This statement  of position provides guidance on financial
reporting  on advertising costs in annual financial statements.
The  Company  is currently reviewing its implementation
procedures.

     In  June 1998, the Financial Accounting Standards Board
issued Statement  of  Financial Accounting Standards No. 133,
"Accounting for Derivative Instruments and Hedging Activities".
This statement standardizes the accounting for derivative
instruments by requiring that  an  entity recognize those items
as assets or liabilities  in the statement of financial position
and measure them at fair value. It also provides for matching the timing of
gain or loss recognition on the hedging instrument with the recognition  of
(a) the  changes  in  the  fair  value of  hedged  asset  or
liability attributable to the hedged risk or (b) the earnings
effect of the hedged forecasted transaction.  This statement becomes
effective for  fiscal periods beginning after June 15, 1999.  The
Company  is evaluating  the  effect this statement will have on
its  financial reporting and disclosures and when it will adopt
the statement.
<PAGE> 15
              AMERCO AND CONSOLIDATED SUBSIDIARIES
                                
       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)
                            
                            
8.  NEW ACCOUNTING STANDARDS, continued

      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.


9.  INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA

     Industry  Segment Data - AMERCO's three industry segments
are Moving and Storage Operations, Property and Casualty
Insurance  and Life  Insurance.  Moving and Storage Operations is
composed of  the operations of U-Haul International, Inc., which
is engaged  in  the rental  of various kinds of equipment and
sales of related products and services and AREC.  Property and
Casualty Insurance is composed of  the  operations  of  Republic
Western Insurance  Company  which operates in various property
and casualty lines.  Life Insurance is composed  of the
operations of Oxford Life Insurance Company  which operates in
various life, accident and health and annuity lines.

     Information concerning operations by industry segment follows:

                   Moving    Property/             Adjustments
                 and Storage Casualty     Life         and
                 Operations  Insurance  Insurance  Eliminations  Consolidated
                 ------------------------------------------------------------
                                     (in thousands)
1998
----
Revenues:
Outside          $  338,276     30,935     20,127          -         389,338
 Intersegment           -           29        286         (315)          -
                  ----------------------------------------------------------
 Total revenue   $  338,276     30,964     20,413         (315)      389,338
 Depreciation/
   amortization  $   17,755      2,024      3,273          -          23,052
Interest expense,
  net of interest
  income
  of  $3,642     $   15,009        -          -            -          15,009
Pretax earnings  $   41,368      2,223      3,781          -          47,372
Income tax       $   14,255        625      1,262          -          16,142
Identifiable
  assets         $1,958,341    654,074    706,785     (336,370)    2,982,830

1997
----
Revenues:
 Outside         $  320,513     37,098     10,037          -         367,648
 Intersegment           -        4,666        294       (4,960)          -
                  ----------------------------------------------------------
 Total revenue   $  320,513     41,764     10,331       (4,960)      367,648
 Depreciation/
  amortization   $   21,474      2,650      1,311          -          25,435
Interest expense,
  net of interest
  income
  of $3,478      $   17,468        -          -            -          17,468
Pretax earnings  $   37,046      2,051      5,023          -          44,120
Income tax       $   12,768      1,550        604          -          14,922
Identifiable
 assets          $1,933,630    604,540    601,856     (304,290)    2,835,736
<PAGE> 16
               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)

9.  INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued

Geographic Area Data -             United States    Canada    Consolidated
                                   ---------------------------------------
  (All amounts are in U.S. $'s)                 (in thousands)
1998
----
Total revenues                      $   379,912       9,426       389,338
Depreciation/amortization           $    22,112         940        23,052
Interest expense, net               $    15,077         (68)       15,009
Income tax                          $    16,142         -          16,142
Identifiable assets                 $ 2,930,942      51,888     2,982,830

1997
----
Total revenues                      $   338,828      28,820       367,648
Depreciation/amortization           $    22,991       2,444        25,435
Interest expense, net               $    17,579        (111)       17,468
Income tax                          $    14,922         -          14,922
Identifiable assets                 $ 2,785,311      50,425     2,835,736


10.  SUBSEQUENT EVENTS

      On  July  13,  1998, the Company declared a cash  dividend  of
$3,241,000 ($0.53125 per preferred share) to preferred stockholders
of record as of August 14, 1998.

      In  July  1998, the Company paid a cash dividend of $232,000  to
the Series B preferred stockholder.  The Company also redeemed
25,000 shares of its Series B Preferred Stock for $25,000,000 in
July, 1998.
<PAGE> 17
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 9 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

QUARTER ENDED JUNE 30, 1998 VERSUS QUARTER ENDED JUNE 30, 1997

Moving and Storage Operations
      Revenues consist of rental revenues and net sales.

      Total  rental  revenues increased by $16.3 million,  6.1%,
to $281.4  million  during  the first quarter  of  fiscal  1999.
Net revenues  from the rental of moving related equipment
increased by $15.0 million primarily due to an increase in truck rental
revenue. The  growth  in  truck rental revenue reflects higher
utilization, increased  inventory  levels and a slight  increase
in  gross  per transaction.   Storage  revenues increased 6.5%
due  to  increased occupancy of existing rooms and an increase in
additional  rentable square footage.

      Net sales revenues were $56.3 million in the first quarter
of fiscal  1999, which represents a 1.5% increase as compared  to
the first  quarter of fiscal 1998 net sales of $55.5 million.   A
7.0% increase  in  revenue from the sale of moving support  items
(i.e. boxes, etc.) led to the improvement during the quarter.

      Cost  of  sales  was $32.7 million for the  first  quarter
of fiscal  1999,  which  represents an increase  of  6.2%  from
$30.8 million  for  the  first quarter of fiscal 1998.   Higher
material costs associated with higher sales of moving support
items was  the major contributing factor towards the increase.

      Operating  expenses increased to $204.7 million in  the
first quarter of fiscal 1999 from $191.6 million in the first
quarter  of fiscal 1998, an increase of $13.1 million.  Higher
rental equipment maintenance expenditures are due to an increase
in fleet  size  and transaction levels.  Equipment maintenance
expenditures are within the planned target range for fiscal 1999.

      Lease  expense increased to $27.0 million in the first
quarter of  fiscal  1999 from $23.0 million in the first quarter
of  fiscal 1998 reflecting an increase in the number of leased
rental vehicles plus  a  shift  towards a higher number of leased
rental  vehicles versus owned rental vehicles.

      Net  depreciation  expense was $17.6  million  for  the
first quarter  of  fiscal 1999, as compared to $20.6 million
during  the comparable  period of the fiscal 1998.  The decrease
is  primarily related to non-rental equipment and support rental
items (SRI).

Property and Casualty
      RWIC  gross premium writings for the quarter ended March
31, 1998  were $26.1 million as compared to $33.1 million in the
first quarter  of  1997.   A  decrease in premium  writings  with
U-Haul resulted  in the rental industry share of total premiums
declining to  17.4% for the quarter ending March 31, 1998 from
38.1%  in  the first   quarter  1997.   These  writings  include
U-Haul,   U-Haul customers and fleetowners as well as other
rental industry insureds with   similar   characteristics.   RWIC
underwrites  professional reinsurance via broker markets and
premiums in this area  increased during  the first quarter of
1998 to 49.7% of total gross premiums, from  comparable 1997
figures of 44.5%.  RWIC continues its  direct multiple  peril
coverage  of  various  commercial  properties  and businesses  in
1998.  These premiums accounted for 19.4%  of  total gross
premiums during first quarter 1998, as compared to 13.3%  in
1997.   Premiums  in selected general agency lines increased  to
a 13.5% share of written premiums in 1998 as compared to a
4.1% share in  1997.  This increase can be attributed to increased writing
of excess workers compensation business.

      Net earned premiums decreased to $22.7 million for the
quarter ended  March 31, 1998, compared with $34.5 million for
the  quarter ended  March 31, 1997.  The premium decrease
resulted from  the  UHaul  Liability  programs  in  the  rental
industry  market  which decreased $12.6 million from $18.3
million at March 31,  1997.  An additional $0.3 million decrease
is due to the general agency lines program which consisted of
$1.6 million and $1.9 million for
<PAGE> 18
the quarter  ended  March  31, 1998 and March  31,  1997 respectively.
Offsetting  this decrease was the net earned premiums  increase
in the  direct multiple peril segment to $4.9 million compared to
$3.7 million  for the quarter ended March 31, 1997.  The assumed
treaty reinsurance program's writings were consistent with March 31, 1997
at $10.5 million.

      Net  investment income was $8.2 million for the quarter
ended March 31, 1998, an increase of 12.3% over 1997 net investment
income of $7.3 million.

      Underwriting  expenses  incurred were $28.7  million  for
the quarter ended March 31, 1998, a decrease of $8.0 million, or
21.8% from  1997.   The  losses  and  loss adjustment  expenses
incurred decrease of $9.2 million resulted from the return premium
mentioned earlier  and corresponds to the decrease in liabilities
for  unpaid claims  due  to  estimated  future losses  for
current  and  prior policies  on  the  rental industry and
assumed  treaty  reinsurance programs.   Approximately  $2.0
million  of  the  increase  in  net commissions is due to the
American Bonding program.  At  March  31, 1998  the  balance no
longer includes a $2.0 million allowance  for doubtful  accounts
which  was expensed  as  an  audited  statutory adjustment  in19
96.  All other underwriting expenses decreased  in
the aggregate by $0.8 million.

      RWIC  completed the first quarter of 1998 with income
before tax  expense  of $2.2 million as compared to $5.0 million
for  the comparable period ended March 31, 1997.  This represents
a decrease of $2.8 million, or 56.0% over 1997.  Decreased net
earned premiums for the quarter were the primary cause.

Life Insurance
      Premiums  from Oxford's reinsurance lines before
intercompany eliminations  were  $5.5 million for the quarter
ended  March  31, 1998, an increase of $1.6 million or approximately 41% over
1997 and  accounted  for  34.3%  of Oxford's premiums  in  1998.
These premiums  are  primarily  from  term life  insurance  and
deferred annuity  contracts that have matured.  Increases  in
premiums  are primarily due to increased annuitizations.

      Premiums  from  Oxford's  direct  lines  before
intercompany eliminations  were  $1.8 million for the quarter
ended  March  31, 1998, a decrease of $0.2 million or 10.0% from
the prior year.  This decrease in direct premium is primarily
attributable to credit life and disability.  Oxford's direct
business related to group life and disability coverage issued to
employees of the Company for the quarter ended March 31, 1998
accounted for approximately 3.8% of premiums.  Other direct lines,
including credit life and health business, accounted for approximately 7.5%
of Oxford's premiums in 1998.  Premiums from Oxford's subsidiaries,
North American Insurance Company and Safe Mate Life Insurance Company
were $8.7 million  and accounted for 54.4% of premiums for the quarter
ended March 31, 1998.

      Net  investment  income before intercompany eliminations
was $4.4 million for the quarters ended March 31, 1998 and1997.

      Benefits  and  expenses incurred were $17.7 million  for
the quarter ended March 31, 1998.  Oxford's benefits and expenses
were $9.9  million,  an increase of 10% over 1997.  Comparable
benefits and expenses incurred for 1997 were $9.0 million.  This
increase is primarily  due to an increase in general expenses and
amortization of  deferred acquisition costs.  Benefits and
expenses  related  to Oxford's subsidiaries were $7.8 million for
the quarter ended March 31, 1998.

      Operating   profit   before  tax  and  before intercompany
elimination  increased  by $1.7 million or approximately  81.0%
in 1998  to  $3.8 million, primarily due to the acquisition  of
North American Insurance Company and Safe Mate Life Insurance
Company.

Interest Expense
      Net  interest expense declined to $15.0 million for the
first quarter of fiscal 1999, as compared to $17.5 million for
the  first quarter  of  fiscal  1998.  The decrease can  be
attributed  to  a reduction  in  the average cost of debt due to
the  Company's  debt restructuring completed in fiscal 1998's
second and third quarters.

Consolidated Group
      As a result of the foregoing, pretax earnings of $47.4
million were  realized in the first quarter of fiscal l999, as
compared  to $44.1  million  for  the  first  quarter  of  fiscal
1998.   After providing  for income taxes, net earnings for the
first quarter  of fiscal  1999  were $31.2 million, as compared
to $29.2 million  for the first quarter of fiscal 1998.
<PAGE> 19
QUARTERLY RESULTS

      The  following table presents unaudited quarterly results
for the  nine quarters in the period beginning April 1, 1996 and
ending June 30, 1998.  The Company believes that all necessary
adjustments have  been included in the amounts stated below to
present  fairly, and  in  accordance with generally accepted
accounting  principles, the  selected  quarterly information when
read in conjunction  with the  consolidated  financial statements
incorporated  herein   by reference. The Company's U-Haul rental
operations are seasonal  and proportionally more of
the Company's revenues and net earnings from its  U-Haul rental
operations are generated in the first and second quarters  of
each  fiscal  year (April  through  September).   The operating
results  for the periods presented are  not  necessarily
indicative  of  results for any future period (in thousands
except for per share data).

                                Quarter Ended
                                -------------
                                   Jun 30
                                     1998
                                -------------
Total revenues                $    389,338
Net earnings                        31,230
Weighted average common
  shares outstanding (4)        21,924,749
Net earnings
  per common share (both basic
  and diluted) (1)                    1.21

                                           Quarter Ended
                                ----------------------------------------------
                                   Jun 30      Sep 30      Dec 31      Mar 31
                                     1997        1997        1997        1998
                                ----------------------------------------------
Total revenues                 $   372,021     416,771    322,543      298,607
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt (6) (7)                   29,198      39,032     (5,390)     (14,184)
Net earnings (loss) (3) (6) (7)     29,198      34,894    (15,236)     (13,872)
Weighted average common
  shares outstanding (4)        21,879,156  21,890,072 21,901,521   21,913,654
Earnings (loss) from operations
  before extraordinary loss
  on early extinguishment
  of debt per common
  share (2) (6) (7)                   1.09        1.54      (0.49)       (0.85)
Net earnings (loss) per
  common share (both basic
  and diluted) (1) (2) (4)
  (6) (7)                             1.09        1.35      (0.94)       (0.84)

                                            Quarter Ended
                                ----------------------------------------------
                                   Jun 30      Sep 30      Dec 31      Mar 31
                                     1996        1996        1996        1997
                                ----------------------------------------------
Total revenues                 $   361,053     398,449    316,892      283,381
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt (5)                       40,005      39,741     (9,538)     (16,024)
Net earnings (loss) (5)             40,005      37,737     (9,853)     (16,024)
Weighted average common
shares outstanding (4)          32,015,301  27,675,192 20,359,873   21,868,241
Earnings (loss) from operations
  before extraordinary loss
  on early extinguishment
  of debt per common share
  (1) (4) (5)                         1.15        1.29     (0.72)        (0.97)
Net earnings (loss) per
  common share (both basic
  and diluted) (1) (4) (5)            1.15        1.22     (0.74)        (0.97)

<PAGE> 20

_______________
(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> 21



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 June 30, 1998,
net property,  plant and equipment represented approximately
66.9%  of total U-Haul assets and approximately 43.9% of
consolidated assets. In  the  first  quarter of fiscal 1998,
capital  expenditures  were $97.4  million, as compared to $210.4
million in the first  quarter of  fiscal 1998, reflecting
expansion of the rental truck fleet and real      property
acquisitions.  These acquisitions were  funded  with
internally  generated  funds  from  operations,  debt   and
lease financings.

      Cash flows provided by operating activities were $31.4
million in  the  first quarter of fiscal 1999, as compared to
$67.5 million in  the first quarter of fiscal 1998.  The decrease
results from an increase  in  receivables and a decrease in
accounts  payable  and accrued expenses.

Property and Casualty
      Cash  flows  provided  (used) by  operating  activities
were $(13.1)  million and $1.5 million for the quarters ended
March  31, 1998  and March 31, 1997, respectively.  The change
resulted mainly from increases in due from affiliates, paid losses
recoverable and decreased loss and expense reserves and a smaller
unearned premium decrease compared to the quarter ended March 31, 1997.
Offsetting this  cash  decrease was a decrease in accounts receivable
and  an increase in other liabilities.

      RWIC's  cash  and cash equivalents and short-term
investment portfolio were $5.3 million and $6.2 million at March
31, 1998  and March  31,  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
94.7%  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  98.8%
of  total liabilities.

      Stockholder's  equity  increased  $3.8  million  from
$193.0 million  at  March  31,  1997 to $196.8 at March  31,
1998.     RWIC considers  current shareholder's equity to be adequate
to support future growth and absorb unforeseen risk events.  RWIC
does not use debt  or  equity  issues to increase capital and
therefore  has  no exposure to capital market conditions.

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

      Cash flows provided by operating activities were $3.7
million and  $11.0 million for the quarters ended March 31, 1998
and  1997, respectively.   Cash flows provided (used) by
financing  activities were  $2.8 million and $(9.3) million for
the quarters ended  March 31,  1998 and 1997, respectively.  Cash
flows from deferred annuity sales  increase investment contract
deposits which are a  component of financing  activities,  as  well
as  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  March 31, 1998  and  1997,
short-term investments amounted to $21.8 million and $6.5 million,
respectively.   Management believes that  the  overall  sources
of liquidity will continue to meet foreseeable cash needs.

      Stockholder's equity of Oxford increased to $87.5 million
in 1998  from $73.7 million in 1997 primarily as a result of
earnings from operations.
<PAGE> 22
      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 $0.4 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  was
$4.6 million during  the  quarter  ended  March  31,   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 June 30,  1998, the Company had
$1,062.5  million in total notes and loans payable outstanding,
as compared  with  $1,025.3 million at March 31,  1998,  and
$1,035.3 million at June 30, 1997.  Unutilized committed lines of
credit are $175.0 million at June 30, 1998.

      Certain of the Company's credit agreements contain
restrictive financial and other covenants, including, among others,
covenants with  respect  to  incurring  additional indebtedness,
maintaining certain  financial ratios and placing certain
additional  liens  on its  properties and assets.  At June 30,
1998, the Company  was  in compliance with these covenants.

      The  Company is further restricted in the issuance of
certain types of preferred stock.  The Company is prohibited from
issuing shares of preferred stock that provide for any mandatory
redemption, sinking fund payment or mandatory prepayment,  or
that allow the holders thereof to require the Company or a
subsidiary of the  Company  to repurchase such preferred stock at
the  option  of such  holders or upon the occurrence of any event
or events without the consent of its lenders.


Year 2000 Disclosure

      The Company is and has been working since 1997 to identify
and evaluate the changes necessary to its existing computerized
business  systems  to make these systems compliant  for  Year
2000 processing. The Year 2000 processing problem is caused by
currently installed computer systems and software products,
including several used  by  the Company, being coded to accept
only two digit entries in  the  date code field.  Beginning in
the year 2000,  these  date code  fields  will need to accept
four digit entries to distinguish 21st century dates from 20th
century dates.

      The  Company's date critical functions related to  the
Year 2000  and beyond,  such as rental transaction processing and
financial systems, may be adversely affected unless these
computer systems  are or become Year 2000 compliant.  The Company
has  been replacing,  upgrading  or modifying key financial
systems  in  the normal  course of business.  The Company is
utilizing both internal and external resources to identify,
correct, reprogram and test its systems  for  Year 2000
compliance.  The Company has completed  the assessment phase and
has started the conversion and testing  phase. In  particular,
the Company has an outside consulting firm  on-site currently
making the necessary modifications to existing systems.

      The  Company is also reviewing its non-information
technology items for Year 2000 compliance, such as rental vehicles,
storage facilities security systems and manufacturing functions.

      The Company expects to be fully Year 2000 compliant by
March 1999  at an estimated cost of approximately $2.0 million,
of  which $0.6 million has been incurred through June 30, 1998.
Although the Company  believes it will achieve compliance on a
timely basis and does not anticipate incurring material costs beyond
the estimated $2.0 million, no assurance can be given that the Company's
computer systems will be Year 2000 compliant by March 1999 or
<PAGE> 23
otherwise in a timely  manner  or  that  the Company will  not
incur  significant additional costs pursuing Year 2000
compliance.  If the appropriate modifications  are  not  made, or
are not  timely,  the  Year  2000 problem  may  have  a  material
adverse  effect  on  the  Company.  Furthermore,  even  if  the Company's
systems will be Year 2000 compliant,  there  can  be no assurance the
Company will not be adversely  affected by the failure of others to
become Year 2000 compliant.   For  example, the Company may be affected
by, among other  things,  the  failure of inventory  suppliers,
credit  card processors,  security  companies  or  other  vendors
and  service providers  to become Year 2000 compliant.  The Company has
started communication  with  its  major third party  business
partners to determine the efforts being made on their part for compliance.
The Company  is in the process of developing a contingency plan
to be used, if in the worst case scenario, a third party is not Year
2000 compliant.

      In  an  effort to evaluate and reduce its exposure  in
this area,  the  Company has ongoing communication with its
vendors  and other  service  providers about their progress in
identifying  and addressing problems to ensure that their
computer systems  will be Year 2000  compliant.  However, 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 5.  OTHER INFORMATION.

      On  July  13,  1998,  the Board of Directors  of  AMERCO
(the "Company")  declared  a  dividend of one preferred  share
purchase right  (a "Right") for each outstanding share of Common
Stock,  par value $0.25 per share, and Serial Common Stock, par
value $0.25 per share,  of  the  Company (collectively, the
"Common  Stock").  The dividend  distribution is payable on August 17,
1998  (the "Record Date")  to  the  stockholders of record on that date.
Each  Right entitles the registered holder to purchase from the
Company one onehundredth  of  a  share of Series C Junior
Participating  Preferred Stock,  no  par  value  per share (the
"Preferred  Stock")  of  the Company  at a price of $132.00 per
one one-hundredth of a share of Preferred Stock (the "Purchase Price"),
subject to adjustment.  The description  and  terms of the Rights are set
forth in a Rights Agreement dated as of August 7, 1998, as the same may be
amended from time to time (the "Rights Agreement"), between the Company
and CHASEMELLON  SHAREHOLDER SERVICES, L.L.C.,  as
Rights  Agent  (the "Rights Agent").

     Until the earlier to occur of (i) the close of business on
the tenth business day following the date of public announcement
or the date  on  which the Company first has notice or determines
that  a person or group of affiliated or associated persons
(other than the Company, any subsidiary of the Company or any
employee benefit plan of the Company, or certain "grandfathered
persons" described below) (an  "Acquiring  Person") has acquired,
or obtained the right to acquire, 10% or more of the outstanding
shares of voting stock of the Company without the prior express
written consent of the Company executed on behalf of the Company by
a duly authorized officer of the Company following express approval by
action of at least a majority of the members of the Board of Directors
then in office (the "Stock Acquisition Date") or (ii) the close of
business on the tenth business day (or such later date as may be
determined by action  of the Board of Directors but not later
than the  Stock Acquisition Date) following the commencement of a
tender offer or exchange offer, without the prior written consent of the
Company, by  a person (other than the Company, any subsidiary of
the Company or an employee benefit plan of the Company) which, upon
consummation, would result in such party's control of 10%  or
more of  the  Company's voting stock (the earlier of the dates in
clause (i) or (ii) above being called the "Distribution Date"),
the Rights will be evidenced, with respect to any of the Common
Stock certificates  outstanding as of the Record  Date,  by  such
Common Stock  certificates.  A "grandfathered person" is a person
who,  as of August  7, 1998, together with all affiliates and
associates, was the beneficial owner of more than 10% of the outstanding
shares of voting stock of the Company; provided, that such person
together with  all affiliates and associates does not increase
its or  their percentage ownership of the outstanding shares of
voting  stock  of the Company by more than one (1) percentage
point without the prior express written consent of the Company.

     The  Rights  Agreement provides that, until  the
Distribution Date  (or  earlier  redemption or expiration of  the
Rights),  the Rights  will be transferred with and only with the
Company's Common Stock.  Until the Distribution Date (or earlier
redemption, exchange or expiration of the Rights), new Common Stock
certificates  issued  after the Record Date upon  transfer  or
new issuances of Common Stock will contain a notation
incorporating the Rights  Agreement  by reference.  Until the
Distribution  Date  (or earlier  redemption,  exchange or
expiration of  the  Rights),  the surrender  for  transfer of any
certificates for shares  of  Common Stock outstanding as of the
Record Date, even without such notation or  a  copy  of  this
Summary of Rights, will also  constitute  the transfer of the
Rights associated with the Common Stock represented by such
certificate.   As  soon  as  practicable  following  the
Distribution  Date,  separate certificates  evidencing  the
Rights ("Right Certificates") will be mailed to holders

<PAGE> 24

of record  of  the Common  Stock as of the close of business on
the Distribution  Date and such separate certificates alone will
then evidence the Rights.

     The  Rights  are not exercisable until the Distribution
Date. The  Rights will expire, if not previously exercised, on
August  7, 2008  (the  "Final  Expiration Date"), unless the
Final  Expiration Date  is  extended  or  unless the Rights are
earlier  redeemed  or exchanged by the Company.

     The  Purchase  Price  payable, and the  number  of  shares
of Preferred  Stock  or  other securities or property  issuable,
upon exercise of the Rights are subject to adjustment from time
to  time to  prevent dilution (i) in the event of a stock
dividend on, or a subdivision, combination or reclassification of
the Preferred Stock, (ii) upon the grant to holders of the Preferred
Stock of certain rights or warrants to subscribe for or purchase
Preferred Stock at a price, or securities convertible into Preferred
Stock with a conversion price, less than the then-current market price
of the Preferred Stock or (iii) upon the distribution to  holders  of
the Preferred Stock of evidences of indebtedness or assets
(excluding regular periodic cash dividends or dividends payable
in Preferred Stock) or of subscription rights or warrants (other
than those referred to above).

     The  number of outstanding Rights and the number of one
onehundredths of a share of Preferred Stock issuable upon
exercise  of each  Right are also subject to adjustment in the
event of a  stock split  of the Common Stock or a stock dividend
on the Common  Stock payable  in  shares of Common Stock or
subdivisions, consolidations or  combinations of the Common Stock
occurring, in any  such  case, prior to the Distribution Date.

     Shares  of  Preferred Stock purchasable upon exercise  of
the Rights  will  not be redeemable and junior to any other
series  of preferred stock the Company may issue (unless
otherwise provided in the  terms of such stock).  Each share of
Preferred Stock will have a  preferential  dividend  in an amount
equal  to  100  times  any dividend  declared on each share of
Common Stock.  In the event  of liquidation,  the  holders of the
Preferred Stock will receive a preferred liquidation payment of equal
to the greater of $100 and 100 times the payment made per share of Common
Stock.  Each share of Preferred Stock will have 100 votes, voting together
with the Common Stock.  In the event of any merger, consolidation or
other transaction in which shares of Common Stock are converted or
exchanged,  each share of Preferred Stock will be entitled to receive
100 times the amount and type of consideration received per share of
Common Stock.  The rights of the Preferred Stock as to dividends,
liquidation and voting, and in the event of mergers and consolidations, are
protected by customary antidilution provisions.

     Because  of  the  nature  of the Preferred  Stock's
dividend, liquidation  and voting rights, the value of the one
one-hundredth interest in a share of Preferred Stock purchasable
upon exercise of each  Right  should approximate the value of one
share  of  Common Stock.

     If any person or group (other than the Company, any
subsidiary of  the  Company  or any employee benefit plan of  the
Company  or certain  grandfathered  persons)  acquires  10%  or
more of the Company's outstanding voting stock without the prior
written consent of the Board of Directors, each Right, except
those held by such  persons, would entitle each holder of a Right
to acquire such number  of shares of the Company's Common Stock
as shall equal  the result  obtained by multiplying the then
current Purchase Price  by the  number of one one-hundredths of a
share of Preferred Stock for which a Right is then exercisable
and dividing that product by  50% of the then current per-share
market price of Company Common Stock.

     If any person or group (other than the Company, any
subsidiary of  the  Company  or any employee benefit plan of  the
Company  or certain grandfathered persons) acquires more than 10%
but less than 50%  of  the outstanding Company Common Stock
without prior written consent of the Board of Directors, each
Right, except those held by such  persons, may be exchanged by
the Board of Directors  for  one share of Company Common Stock.

     If  the  Company  were acquired in a merger or other
business combination  transaction where the Company  is not the
surviving corporation or where Company Common Stock is exchanged
or  changed or 50% or more of the Company's assets or earnings
power is sold in one  or  several transactions without the prior
written consent  of the  Board  of  Directors,  each Right would
entitle  the  holders thereof (except for the Acquiring Person)
to receive such number of shares of the acquiring company's
common stock as shall be equal to the  result obtained by
multiplying the then current Purchase Price by  the number one
one-hundredths of a share of Preferred Stock for which a Right is
then exercisable and dividing that product by  50% of  the then
current market price per share of the common stock  of the
acquiring company on the date of such merger or other business
combination transaction.

<PAGE> 25

     With  certain exceptions, no adjustment in the Purchase
Price will be required until cumulative adjustments require an
adjustment of  at  least 1% in such Purchase Price.  No
fractional  shares  of Preferred  Stock  will be issued (other
than  fractions  which  are integral  multiples  of one one-
hundredth of a share  of  Preferred Stock,  which may, at the
election of the Company, be evidenced  by depositary  receipts),
and in lieu thereof an  adjustment  in  cash will  be  made based
on the market price of the Preferred Stock  on the last trading
day prior to the date of exercise.

     At  any  time  prior to the time an Acquiring  Person
becomes such,  the  Board of directors may redeem the Rights in
whole,  but not  in  part,  at  a  price of $0.01 per  Right
(the  "Redemption Price").   The  redemption of the Rights may be
made  effective  at such  time, on such basis and with such conditions
as the Board of Directors in its sole discretion may establish.
Immediately upon any redemption of the Rights, the right to exercise
the Rights will terminate and the only right of the holders of Rights
will be to receive the Redemption Price.

     The  terms  of  the  Rights may be amended  by  the  Board
of Directors of the Company without the consent of the holders of
the Rights, except that from and after such time as any person or
group of  affiliated or associated persons becomes an Acquiring
Person no such amendment may adversely affect the interests of
the holders of the Rights.

     Until a Right is exercised, the holder thereof, as such,
will have  no rights as a stockholder of the Company, including,
without limitation, the right to vote or to receive dividends.

     The  form  of  Rights Agreement between the  Company  and
the Rights Agent  specifying the terms of the Rights, which
includes as Exhibit B thereto the form of Right Certificate, is
attached hereto as Exhibit 4 and is incorporated herein by
reference.   The foregoing description of the Rights does not
purport to be complete and is qualified in its entirety by
reference to the form of Rights Agreement (and the exhibits
thereto) attached hereto.


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)
         4       Rights Agreement, dated as of August 7, 1998 between
                   AMERCO and ChaseMellon
                   Shareholders  Services,  L.L.C.,  as  Rights
                   Agent, which includes   the  form   of
                   Certificate of Designations, setting forth the terms
                   of the Series C Junior Participating Preferred Stock no
                   par value as  Exhibit  A,  the  form of Right
                   Certificate  as Exhibit  B  and  the  Summary  of
                   Preferred   Stock Purchase  Rights  as  Exhibit C.
                   Pursuant  to  the Rights  Agreement,  printed
                   Right Certificates  will not be mailed until as
                   soon as practicable after the earlier  of  the
                   tenth day after public announcement that  a person
                   or group (except for certain exempted person  or
                   groups) has acquired beneficial ownership of  10%
                   or more of the outstanding shares of Common Stock
                   of the tenth business day (or such later  date as
                   may  be  determined by action of  the  Board  of
                   Directors)  after a person commences,  or
                   announces its  intention  to  commence,  a  tender
                   offer or exchange  offer  the  consummation  of  which
                   would result  in  the beneficial ownership by a
                   person  or group  10%  or  more  of the
                   outstanding  shares  of Common Stock.
         27   Financial Data Schedule
         99   Press release dated August 7, 1998

 b. Reports on Form 8-K.

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

_____________________________________

(1)  Incorporated by reference to the Company's Quarterly Report
       on Form 10-Q
       for the quarter ended December 31, 1992, file no. 0-7862.
                                
(2)  Incorporated by reference to the Company's Quarterly Report
       on Form 10-Q
       for the quarter ended September 30, 1997, file no. 0-7862.
                                
<PAGE> 26

                           SIGNATURES
                                
     Pursuant to the requirements of the Securities Exchange Act
of 1934,  the  registrant has duly caused this report to be
signed  on its behalf by the undersigned, thereunto duly
authorized.
                                   AMERCO
                                   ___________________________________
                                            (Registrant)

Dated: August 7, 1998             By: /S/ GARY B. HORTON
                                     ___________________________________
                                        Gary B. Horton, Treasurer
                                        (Principal Financial Officer)