8-K

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

                                  ------------

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

          Date of Report (Date of earliest event reported): May 4, 2004

                                     AMERCO

               (Exact Name of Registrant as Specified in Charter)

            Nevada                    1-11255                      88-0106815
- -------------------------------     -----------               ------------------
(State or Other Jurisdiction of     Commission                   IRS Employer
        Incorporation)              File Number               Identification No.

              1325 Airmotive Way, Ste. 100, Reno, Nevada 89502-3239
               (Address of Principal Executive Offices)(Zip Code)

                                 (775) 688-6300
                               ------------------
              (Registrant's telephone number, including area code)

                                 Not applicable
                             ----------------------
          (Former Name or Former Address, if Changed Since Last Report)

ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE.

The Board of Directors of AMERCO has approved the AMERCO Code of Ethics. The
Code of Ethics is attached as Exhibit 14 of this filing.

ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.

14    AMERCO Code of Ethics

                                   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 hereunto duly authorized.

      Dated: May 4, 2004

                                        AMERCO

                                        /s/ Gary V. Klinefelter
                                        ----------------------------------------
                                        Gary V. Klinefelter, Secretary

                                  EXHIBIT INDEX





Exhibit No.      Description
- -----------      -----------
              
    14           AMERCO Code of Ethics

EX-14

                                   EXHIBIT 14

                                     AMERCO

                                 CODE OF ETHICS

AMERCO and its subsidiaries (the "Company") are committed to conducting our
business consistent with the highest ethical and legal standards. This Code
reinforces our commitment to these standards and provides each employee of the
Company with guidance and perspective in understanding our business ethics.

It is designed to guide and help us identify activities and behaviors that are
appropriate in conducting business and those that are not. No code of conduct
can hope to spell out the appropriate moral conduct and ethical behavior for
every situation we may confront. In the final analysis, we must rely on our own
good judgment.

Whenever we find ourselves with a difficult decision to make, we should seek
counsel from our colleagues, our supervisors and, most importantly, our own
conscience and common sense. Specific interpretation or application of any
guidelines or other content of this Code should be made to the Company's
Director of Corporate Compliance.

This Code is intended to conform to the requirements of the Sarbanes-Oxley Act
of 2002 in that it applies to all employees, officers and directors of the
Company who may hold office from time to time, any division controller of the
Company and any other person performing functions similar to those of a senior
financial officer of the Company. This Code also applies to each director of the
Company.

This Code is available for viewing on the Company's internet Web site at
www.amerco.com and may be filed each year as an exhibit to the Company's Annual
Report on Form 10-K. The Company will publicly disclose (i) any change to this
Code that applies to any officer or director of the Company, or any other person
performing functions similar to those of a senior financial officer, and (ii)
the grant of a waiver to any such individual of any provision of this Code
(which waiver will be subject to prior approval by the Company's directors).
Such public disclosure will be made by the filing with the Securities and
Exchange Commission (the "SEC") of a Report on Form 8-K and/or the prompt
disclosure of such change on the Company's internet Web site.

YOUR RESPONSIBILITIES

The Company believes that ethical behavior is good business. Company personnel
share certain responsibilities, but individually each is accountable for:

      -  Conducting the Company's business with integrity and in compliance in
         all material respects with applicable laws, rules and regulations.

      -  Avoiding situations where personal interests are, or appear to be, in
         conflict with the Company's interests, except upon approval of the
         Board of Directors. All related party transactions between the Company
         and executive officers or directors of the

         Company, as described in the Company's SEC filings, or which fall below
         the threshold for disclosure therein, are deemed to be approved
         hereunder.

      -  Treating customers, suppliers and fellow employees in an honest and
         fair manner.

      -  Safeguarding proper use of the Company's proprietary information,
         assets and resources.

      -  Maintaining confidentiality of nonpublic information and not acting on
         such information for personal gain.

We are sometimes faced with situations where pressure exists to act unethically.
If you are unsure in any situation, ask yourself these questions:

      -  Is this action legal?

      -  Does it comply with our values?

      -  Would you feel comfortable telling someone else about your decision?

Compromises in behavior that lead to violations of our standards may result in
disciplinary action, up to and including termination of employment.

Unethical or unlawful behavior hurts the Company, our customers, our
stockholders and other employees. As an employee, you can play a major role in
ensuring ethical and legal compliance by reporting known or suspected wrongdoing
within the Company. If you discover or suspect that an illegal, dishonest or
unethical act is being committed, that an employee has violated this Code, or a
violation is reported to you, report it immediately to your supervisor, or our
Director of Corporate Compliance or CFO. Employees will not be disciplined or
otherwise retaliated against as a result of reporting such matters. Always
report a violation at least one level of management above the suspected
wrongdoer.

CONFLICTS OF INTEREST AND CORPORATE OPPORTUNITIES

A conflict of interest is created whenever an activity, association or
relationship of yours might impair your independent exercise of judgment in the
Company's best interest. All employees have a responsibility to avoid situations
and relationships that involve actual or potential conflicts of interest.
Generally, a conflict of interest arises whenever an employee's personal
interests diverge from his or her responsibilities to the Company or from the
Company's best interests.

Examples of situations that could be perceived as conflicts of interest and
should be avoided include:

      -  Conducting company business with a firm owned, partially owned, or
         controlled by an employee or an employee's relatives or friends.

      -  Ownership of a financial interest in the Company's competitors.

      -  Working as an employee or a consultant for a competitor, customer or
         supplier of the Company, or doing any work for a third party that may
         adversely affect your performance or judgment on the job or diminish
         your ability to devote the necessary time and attention to your duties.

      -  Using Company property, materials, supplies, funds or other resources
         for personal purposes, or appropriating or diverting to others any
         business opportunity or idea in which the Company might have an
         interest.

      -  Taking for yourself any opportunity that you learn of through the
         Company or that rightfully is the Company's to pursue.

      -  Using corporate property or information for personal gain.

These situations, and others like them, where loyalties to the Company could be
compromised, must be avoided. Employees who believe they are involved in a
potential conflict of interest have a responsibility to discuss it with their
supervisor. The Board of Directors must approve any exceptions or waivers to
this policy.

GIFTS AND ENTERTAINMENT

All decisions regarding the purchasing of materials, supplies and services must
be made on the basis of competitive price, quality and timing in a way that
preserves the Company's integrity. Giving or accepting anything of value is
inappropriate if it could be reasonably interpreted as an effort to influence a
business relationship or decision. The difference between a gift and a bribe is
a question of intent. It is impermissible to accept or request any form of
kickback or bribe. A bribe or a kickback includes any item or favor provided for
the purpose of improperly obtaining favorable treatment or seeking a competitive
advantage. Such efforts should never be used to accomplish indirectly what the
Company could not properly or legally do directly.

In certain situations or on certain occasions, small gifts of nominal value,
such as specialty advertising items bearing the corporate logo, tickets to local
sports, civic or cultural events and/or restaurant meals or refreshments may be
given to those with whom the Company has a business relationship.

Standards governing the acceptance of gifts from suppliers or their agents
mirror those relating to the giving of gifts in that acceptance of a significant
gift could be construed as improperly influencing the selection of a vendor.

Ultimately, each employee must exercise good business judgment in deciding which
situations are unacceptable. If there is ever any doubt as to the acceptability
of any gift or entertainment activity, consult with your supervisor.

AMERCO has several key policy bulletins emphasizing ethics and integrity, which
are readily available to System members on the Company's internal Web site.
These bulletins include, but are not limited to:

      -  AMERCO Policy Bulletin No. 15, "Gifts and Favors," dated March 22,
         2004.

      -  AMERCO Policy Bulletin No. 462, "Conflicts of Interest and Kickbacks,"
         dated March 22, 2004.

      -  U-Haul Policy Bulletin No. 959, "Marketing Company Disbursements and
         Approvals," dated December 22, 1997.

      -  AMERCO Business Consultants Policy Bulletin No. 671, "Productivity
         Statement and Card," dated July 31 1986.

      -  AMERCO Business Consultants Policy Bulletin No. 475, "Thieves and
         Embezzlers," dated February 27, 1986.

      -  AMERCO Business Consultants Policy Bulletin No. 709, "Vendor Relations
         with AMERCO System Companies," dated September 30, 1985.

      -  AMERCO Management Bulletin No. AM-491, "Dealer and Employee
         Dishonesty," dated December 6, 1974.

AMERCO has been and will always remain committed to maintaining the highest
standards of ethics and corporate behavior.

CONFIDENTIALITY

All employees should maintain the confidentiality of information entrusted to
them by the Company or its customers, suppliers, and employees, except when
disclosure is authorized or legally mandated. Confidential information includes
all nonpublic information that might be of use to competitors, or harmful to the
Company, if disclosed.

AMERCO operates in a very competitive environment providing a wide variety of
products and services to a wide variety of customer. We must protect AMERCO's
trade secrets, confidential information and other proprietary information.
Employees agree to treat all trade secrets and confidential information of
AMERCO as confidential and to take all necessary precautions against disclosure
of such information to third parties during and after their employment as
specified in the AMERCO System Member Confidentiality Agreement.

PROTECTION AND USE OF CORPORATE ASSETS

All employees are responsible for ensuring that appropriate measures are taken
to properly protect the Company's corporate assets. Employees are expected to
assist in the protection of all confidential and proprietary information,
including technical, financial, marketing and other business information, which,
if made available to the Company's competitors or the public, would be
advantageous to such competitors and detrimental to the Company. Protection of
such information is critical to our ability to grow and compete.

The Company's computer systems, electronic mail (e-mail), voice mail and
Internet access are employer-provided technologies and Company property. The use
of the Company's computer systems, e-mail, voice mail and Internet access are
primarily for matters of concern to the Company's operations, and not for
communications of a personal nature. Such nonbusiness related use should be on
an infrequent basis. Employees may not use these assets to display, transmit or
store inappropriate materials at any time.

INSIDER TRADING

It is illegal to buy or sell securities (either personally or on behalf of
others) on the basis of material, nonpublic information. It also is illegal to
communicate (i.e., to "tip") material, nonpublic information to others so that
they may buy or sell securities on the basis of that

information. All Company employees who know material, nonpublic information
about the Company or any other company are prohibited from trading (directly or
indirectly), or tipping others to trade in the securities of that company.

Material information is factual information that a reasonable investor would
want to know before making an investment decision. Examples of material
information may include:

      -  Quarterly or annual financial results.

      -  Financial forecasts.

      -  Significant financial developments.

      -  Significant new developments.

These prohibitions continue for as long as the information you know remains
material and nonpublic. Anyone who gives such nonpublic information to others
may be subject to disciplinary action and possible civil or criminal
prosecution.

FINANCIAL INTEGRITY

The Company's books, records and accounts are to be maintained in a manner that
accurately reflects all financial transactions in conformity with generally
accepted accounting principles. An employee shall not:

      -  Improperly accelerate or defer expenses or revenues to achieve
         financial results or goals.

      -  Maintain any undisclosed or unrecorded funds or "off the book" assets.

      -  Establish or maintain improper, misleading, incomplete or fraudulent
         accounting documentation or financial reporting.

      -  Make any payment for purposes other than those described in the
         documents supporting the payment.

      -  Sign any documents believed to be inaccurate or untruthful.

ACCOUNTING CONCERNS

Employees are encouraged to talk to their supervisor or any member of AMERCO's
Audit Committee regarding any concerns that they have pertaining to the
Company's accounting, internal controls or audit practices. It is our policy not
to allow retaliation for reports of misconduct or potential misconduct by others
made in good faith by employees.

RECORD RETENTION

Any employee who becomes aware of any governmental or regulatory investigation,
litigation, administrative or other proceeding should promptly consult with the
appropriate member of the Legal Department regarding any records relating to
that matter. Federal and state (provincial) law provides for imprisonment and
severe penalties for any person who alters, mutilates, conceals or destroys a
record or an object with intent to impair the availability of such item or
influence the investigation of a governmental department or agency.

WORKPLACE HEALTH, SAFETY AND ENVIRONMENT

The Company is committed to the safety and health of its employees. Providing
and maintaining a safe work environment and instituting and following work
practices to safeguard employees must be a primary consideration for all of us.
Reviewing all of our businesses and identifying where we can act to improve
safety awareness is an ongoing task to which the Company and each employee
should be dedicated. There is no job so important that we cannot take the time
to complete it safely.

Safe work practices also include exercising good judgment with regard to the
environmental aspects of our business. Additionally, discharge and disposition
of hazardous materials should be performed only in a manner that complies with
environmental-protection laws.

COMPLIANCE WITH LAWS

All employees are expected to comply at all times with all federal, state
(provincial), local and foreign laws and regulations affecting the Company and
its business. If any employee is uncertain about the existence or effect of a
particular law on his or her conduct on behalf of the Company, such individual
should consult with his or her supervisor. In particular, and without limiting
the generality of the foregoing statements:

      -  Any action taken to intentionally evade the payment of any tax, or the
         violation of any law relating to taxation of property, services, sales,
         income or any other matters, including failure to file reports or
         returns on a timely basis (other than with the approval of the
         applicable taxing authority) or filing false or fictitious reports or
         returns, is strictly prohibited.

      -  Any action taken to intentionally circumvent the requirements of any
         federal, state (provincial), or local health or safety law applicable
         to the Company's facilities, operations or products, or any action
         taken to intentionally mislead any regulatory authority with respect to
         the Company's compliance with such laws is strictly prohibited.

      -  Any action taken to intentionally mislead the investing public, the
         SEC, the Nasdaq National Market or any other federal or state
         (provincial) securities regulatory authority or securities exchange or
         quotation system regarding the Company's business, legal or financial
         affairs or regarding any material event or circumstance affecting the
         Company is strictly prohibited.

SEC DISCLOSURE

The President and all senior financial officers are responsible for full, fair,
accurate, timely and understandable disclosure in the periodic reports required
to be filed by the Company with the SEC. Accordingly, it is the responsibility
of the President and each senior financial officer to bring to the attention of
the Director of Corporate Compliance any material information of which he or she
may become aware that affects the disclosure made by the Company in its public
filings. The President and each senior financial officer shall promptly bring to
the attention of the Director of Corporate Compliance and the Audit Committee
any information he or she may have concerning (a) significant deficiencies in
the design or operation of internal controls which

could adversely affect the Company's ability to record, process, summarize and
report financial data or (b) any fraud, whether or not material, that involves
management or other employees who have a significant role in the Company's
financial reporting, disclosures or internal controls. The President and each
senior financial officer shall promptly bring to the attention of the Director
of Corporate Compliance any information he or she may have concerning any
violation of this Code, including any actual or apparent conflicts of interest
between personal and professional relationships, involving any management or
other employees who have a significant role in the Company's financial
reporting, disclosures or internal controls. The President and each senior
financial officer shall promptly bring to the attention of the Director of
Corporate Compliance and to the Audit Committee any information he or she may
have concerning evidence of a material violation of the securities laws, rules
or regulations applicable to the Company by the Company or any agent thereof.