Time-to-arrival (TTA) estimation tasks offer valuable insight into temporal processing and the cognitive-motor preparatory processes involved in pedestrian safety. Using EEG and virtual reality (VR), we explored the event-related potentials (ERPs) associated with TTA estimation, focusing on the contingent negative variation (CNV) and P2 components, in a road-crossing virtual scenario. Seventeen participants completed four experimental conditions crossing two factors: vehicle speed (processed at two levels, slower vs. faster) and vehicle disappearance time (processed at two levels, shorter vs. longer). This design allowed us to examine the effects of urgency demands and interval timing on cognitive processes. Results revealed that P2 latencies decreased with shorter interval timing and increased with longer interval timing, while P2 amplitudes were higher in faster-speed conditions and lower in slower-speed ones. CNV components showed distinct modulations depending on the experimental factors. Early-CNV was primarily influenced by urgency demands, showing earlier onsets and higher amplitudes in slower-speed conditions. Furthermore, Total-CNV and Late-CNV amplitudes were higher in shorter timing intervals. While correlations between EEG parameters and behavioural performance did not reveal clear patterns, we were able to observe different trends that suggest how the difficulty of the task and associated cognitive effort were related to the psychophysiological process. Overall, less demanding conditions displayed a more efficient neurophysiological responses and greater accuracy compared to more demanding conditions. In conclusion, our findings provide new insights into the neural mechanisms underlying temporal processing and the complex cognitive-motor preparatory processes involved in timing tasks. By examining the interplay between temporal and urgency demands, we contribute to a deeper understanding of how these processes are integrated at the neural level, with broader implications for understanding the neurophysiological basis of decision-making in road safety contexts.