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Leaving the locking pin out will not cause a knock down. Many lake sailors will not put in the lock pin for the reason you mention: hitting something. Without the pin, if you hit a submerged object the keel can swing back minimizing any damage. HOWEVER, without the locking pin - if you experience a knockdown - the 500# keel can swing around and slam back into the boat with enough force to remove a large section of the bottom. Sailing without the lock down pin inserted is one of those things like removing the flotation - no problem - unless something happens.
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