A drill bit point storage system comprising a drill bit and at least one cavity in at least a portion of the drill bit for storing at least one drill bit point. The system can also include a coupling device for securing the drill bit point when the drill bit point is stored within the cavity of the drill bit. In one arrangement, the coupling device can be a cover positioned substantially around the drill bit in which at least a first portion of the cover can have a shape that can substantially correspond to a shape of said portion of the drill bit such that the first portion of the cover can be substantially adjacent to the portion of the drill bit. The first portion of the cover can be at least partially positioned over the cavity when the drill bit point is stored therein.