I like to check my luggage in, and be sure to get your luggage tickets in case they get lost. That is your proof for getting compinsated in case they lose your belongings. And I am not afraid to use the system. It has happened before where the standby luggage has been sent out to my station on a buddy pass traveller and the traveller didn't make it with the luggage. But the buddy pass made it on a later flight. I covered their luggage for them on this end, but this was before 9/11 when security wasn't so tight. So be aware that if you do check in luggage, there is a chance your luggage goes and you stay or you stay and your luggage goes. So keep your tickets, and carry an extra pair of underwear or socks, trousers on your carry on enough to get you to Sears or wherever to buy you some cloth if your luggage is lost in the system for a long time. (Never has happened to me.) Carry your valuables and don't put them in your luggage unless you can live without it. But keep your luggage tickets/receipts for charyste sakes.
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