As Dkhuff said, more specifics (weight, how high did your heart rate get up, what speed/resistance ... did the machine have a readout to compare it to?) I have the same HRM, and mine comes in low ... my elliptical machine (which does account for weight) comes in at 200 for a 20 min session (level 6 resistance, 2 miles). My Fitbit says about 180 calories burned, the Polar comes in about 140. I am "in the zone" the whole time, but at the lower end (not really getting my heart pumping). I'm not sure if some of MY issue is that I've been doing the elliptical, this same basic routine for years now and my body has adjusted? It's hard to know which estimate is correct, I guess I'll err on the side of caution and go with the lowest one ...
As long as you have the Polar, it should give you the correct amount with your data entered correctly. Have you adjusted your weight since you started using it (if you have lost some)? That's the only thing that can throw it off. HRMs by Polar are the bomb, they will give you the right information. I use mine all the time.
I am 5 feet and weigh 180. My heart rate average was 158. I'm not sure what zone I should be in either..LOL
I think someone else was talking about being in the zone..I don't know if I was in the zone or not..lol All I know is I was sweating!!