These inserts are replaceable cutting tips that attach to exchangeable-tip spade drills to create holes in workpieces. The inserts have a spearheaded shape with two cutting edges, and they slide into the head of compatible spade drill bits for mounting. The inserts can be replaced with new inserts without removing the drill bits from the machine. Exchangeable-tip spade drill bits require fewer tool changes than solid tools in high-volume metalworking and fabrication applications with high speeds, high feeds, and difficult-to-machine materials.