The present invention is directed to a test probe having an indexable probe tip. In one embodiment, an insulative sleeve extends from the test probe and surrounds a portion of the exposed probe tip. The insulative sleeve is moveable relative to the probe tip and may be indexable to at least two positions. For instance, the insulative sleeve locks into a first position to provide a first length of the probe tip exposed from the insulative sleeve, and the insulative sleeve locks into a second position to provide a second length of the probe tip exposed from the insulative sleeve.