P264C Volvo 245 is defined as Knock Sensor Circuit Range Performance (Bank 1 or Single Sensor). This refers to camshaft timing, which in this case is over-retarded. Any code that causes the vehicle's engine to die while running should be fixed as soon as possible, as it can be dangerous for both the vehicle and the passengers of the vehicle.
Possible Causes :
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Replace the oxygen sensor that is downstream from the catalytic converter on the side of the engine that does not contain cylinder #1. Also, if a oxygen sensor code stating "heater circuit malfunction" the sensor has most probably failed. With the valve disconnected, the red voltmeter lead should be attached to the IMRC valve power wire and the black voltmeter lead connected to ground. If you find a related TSB, the information will often help in diagnosing the code in question as TSBs are crested from many thousands of repairs.
Diagnostic trouble code P264C Volvo 245 is not difficult to diagnose and repair. Thus, it always pays to have a qualified technician to look after your vehicle should this error code arise.
Diagnosing this code requires the engine to be in good running shape, without unmetered air entering the engine. If other codes that relates to misfiring condition, lean running or air entering the engine is present, then you must first fix those error codes before P264C Volvo 245.
Fortunately, P264C Volvo 245 is a fairly common OBD code, meaning that it applies to all makes and models of vehicles made after 1996.