When testing modulation you need to be very careful that the signal going into the modulation analyser is good. Low level (or excessive level) will make the modulation look very high because of noise/distortion. Likewise, high levels on nearby channels can also make the modulation look high. Anything that degrades the signal into the analyser will make the modulation appear high. The only certain way to measure deviation is to directly connect to the transmitters RF monitor port with a suitable attenuator/pad. Having said that, there are plenty of stations in the world that have crazy high level modulation.