If the savings remained the same over many years it would take over 10 years of not having a claim for the lower premuim to bring you a savings. A claim in under 10 years will cost you more with the lower premuim.
Savings per year: $45 (if the savings amount and premuim stays the same)
Additional risk: $500 (that's the amount of risk you are taking by increasing your deductible.)
Ten years will save you $450. Even if you make a claim in the 10th year it is still the more expensive option by $50. After the 11th year you will start to save $45 a year.
The decision really depends on how much you can afford to pay and how much you are willing to pay to take that risk.... more