Limitations of historical crash data and the advantages of surrogate measures of safety have already been stressed by various authors. To describe nearness-to-collision, mostly time-based indicators are applied, and there is a consensus among researchers that speed-related indicators are needed to account for the severity dimension. There have been attempts to fit bivariate Extreme Value models to predict the number of crashes, however modeling crash frequency together with severity has received much less attention. The aim of this paper is to apply Extreme Value models to various pairs of temporal and speed-related indicators in order to investigate the dependence structure between them as well as to construct probability based risk levels and examine them in relation to severity levels. Bivariate threshold excess models were fitted to a dataset of left-turning and straight moving vehicle interactions recorded in a signalized intersection. The dependence structure between variable pairs were thoroughly investigated; it was concluded that temporal and speed related indicators were found independent, which means that road users getting close to each other in time does not necessarily come with high speeds. Therefore these indicators should be combined in order to properly predict severity; a temporal indicator on its own is not enough to make inferences about the severity of events. Using the calculated joint probability of events risk levels were constructed illustrating the events of equal probability.