-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001209191-09-007829.txt : 20090210
<SEC-HEADER>0001209191-09-007829.hdr.sgml : 20090210
<ACCEPTANCE-DATETIME>20090210134906
ACCESSION NUMBER:		0001209191-09-007829
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090210
DATE AS OF CHANGE:		20090210

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PICO HOLDINGS INC /NEW
		CENTRAL INDEX KEY:			0000830122
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				942723335
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		875 PROSPECT ST
		STREET 2:		STE 301
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037
		BUSINESS PHONE:		6194566022

	MAIL ADDRESS:	
		STREET 1:		875 PROSPECT ST
		STREET 2:		STE 301
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CITATION INSURANCE GROUP
		DATE OF NAME CHANGE:	19940527

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HART JOHN R
		CENTRAL INDEX KEY:			0001027711
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	033-36383
		FILM NUMBER:		09584971

	BUSINESS ADDRESS:	
		STREET 1:		1200 PROSPECT ST
		STREET 2:		SUITE 325
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037
		BUSINESS PHONE:		8585511090

	MAIL ADDRESS:	
		STREET 1:		875 PROSPECT ST
		STREET 2:		SUITE 301
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>doc5.xml
<DESCRIPTION>FORM 5 SUBMISSION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2008-12-31</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0000830122</issuerCik>
        <issuerName>PICO HOLDINGS INC /NEW</issuerName>
        <issuerTradingSymbol>PICO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001027711</rptOwnerCik>
            <rptOwnerName>HART JOHN R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>875 PROSPECT STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 301</rptOwnerStreet2>
            <rptOwnerCity>LA JOLLA</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92037-4264</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President and CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>COMMON</value>
            </securityTitle>
            <transactionCoding>
                <transactionFormType></transactionFormType>
            </transactionCoding>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>22798.16</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>BY 401(k) PLAN</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>COMMON</value>
            </securityTitle>
            <transactionCoding>
                <transactionFormType></transactionFormType>
            </transactionCoding>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>833333</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>LIMITED PARTERSHIP</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Appreciation Rights</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>33.76</value>
            </conversionOrExercisePrice>
            <transactionCoding>
                <transactionFormType></transactionFormType>
            </transactionCoding>
            <exerciseDate>
                <value>2005-12-12</value>
            </exerciseDate>
            <expirationDate>
                <value>2015-12-12</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>838356</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>838356</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Appreciation Rights</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>42.71</value>
            </conversionOrExercisePrice>
            <transactionCoding>
                <transactionFormType></transactionFormType>
            </transactionCoding>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2017-08-02</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>419178</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>419178</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">(1) Mr. Hart shares voting power over 833,333 shares which are owned by a limited partnership.</footnote>
        <footnote id="F2">(2) One-third of these stock appreciation rights were exercisable on August 2, 2007, another one-third were exercisable as of August 2, 2008, and the remaining one-third will be exercisable on August 2, 2009.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>John R. Hart by James F. Mosier per Power of Attorney dated January 28,2008.</signatureName>
        <signatureDate>2009-02-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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