Recently I was the second electrician to look at a motor lead problem with a VFD. Was actually there for another reason, but was asked for a second opinion. One of the leads was marked "bad." It meggered ok, but not great like the other leads. (Sorry, I don't remember the numbers, but could look back in the service records if it's important.) Plenty good enough according to the 1 meg plus 1 meg per 1000 volts rule (1.5M for a 480 motor). Yet was told the VFD had been tripping out with some kind of a motor fault. Got looking up in a pull box and found the lead was pinched into the end of a conduit where it left the box - too short of a radius at the inside of the 90 degree turn. Motor lead was in a horseshoe shape if that makes sense. Anyhoo, used a strap to flatten the horseshoe and relieve the pinch. Megger reading improved tremendously. I'll be back with a replacement breaker, which was good but was used to replace another breaker that went bad. I expect everything will work fine. If so, I saved them $40K. I think each phase had 2-5000MCM about 200ft long, it was a distracting day...
Sooooo, can a compromised motor lead cause a VFD to fault even if the megger reading is ok, but not perfect? I think it can. A megger uses DC, but the motor uses AC. In the case of the motor lead I described, there must have been some leakage when pinched, otherwise it would not have improved when the pinch was relieved. But I think we must also consider capacitance, which would not theoretically show up by looking at the max megger reading. And with the high frequency of a VFD carrier frequency, the effect of capacitance is much greater, causing a greater ground fault current, than an across the line starter with only 60hz. I believe that is why the VFD was tripping even though the motor lead megger reading was in the "OK' range.
If it's not a huge problem to do, I'd replace the motor leads.