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replace... it can not be fixed..
I had the tip wring off on a Kreg bit. Put it through my drill doctor and now I've got another 3/8" drill bit.
The tip on that drill bit, can fracture, and break off.
I've accidently dropped a drill bit on a concrete floor---
(it rolled off the work table)---
the tip snapped off.
Oh well---my problem, not the OEM, and not a warranty issue.
I purchased a replacement, plus a spare---just in case, it happens again.
I make it a practice to have another handy, in the event this happens again.
Filing/grinding 3 flats on the stop bushing, as someone previously suggested, is a great idea.
The flats will reduce the likely-hood of the bit rolling off and dropping onto a hard surface and fracturing the drill bit tip end. If it doesn't break off, it is possible to obtain a burr, and reduce the cutting efficiency and accuracy of the drill bit.
It may a good practice to inspect the drill bit tip, upon completion of drill and before using the bits.
I think the Kreg jig, and the associated tools, are a necessity in any serious wood workers shop.
They sure are handy and make assy much more productive.
i cant be down at all so when i got my master system i also got 4 replacement bits. you cant afford to leave a job because you fail to plan, this mentality is what is wrong with this country. we fail to plan ahead for consumables to fail. I keep a large stash of bits blades and fasteners for all the projects I am doing it pays when you just grab another bit and return to work no lost time wither in my shop or on a job site my Master system has to be ready for anything, and with all the mdf we are using nowadays bits get dull fast and you can have them sharpened here at kreg. I buy most of my kreg stuff at lowes or here online they fill orders fast and their service is good so dude plan ahead buy extras
I would send Kreg an email and see what they say. I had an issue with a Kreg clamp and they sent me one at no cost, It can't hurt. good luck
Live and learn. Since I am an ER Trauma nurse, and not a "master Carpenter" I learned from this Dude.
Asking for advice since I'm learning
already taken care of.