Proper determination of the transmission rate in ultra-reliable low latency communication (URLLC) needs to incorporate a confidence interval (CI) for the estimated parameters due to the large amount of data required for their accurate estimation. In this paper, we propose a framework based on the extreme value theory (EVT) for determining the transmission rate along with its corresponding CI for an ultra-reliable communication system. This framework consists of characterizing the statistics of extreme events by fitting the generalized Pareto distribution (GPD) to the channel tail, deriving the GPD parameters and their associated CIs, and obtaining the transmission rate within a confidence interval. Based on the data collected within the engine compartment of Fiat Linea, we demonstrate the accuracy of the estimated rate obtained through the EVT-based framework considering the confidence interval for the GPD parameters. Additionally, we show that proper estimation of the transmission rate based on the proposed framework requires a lower number of samples compared to the traditional extrapolation-based approaches.