I've never heard of a meggameter. However, since the question is under the heading of Electrical Troubleshooting, I'm assuming that you are referring to a megohmmeter.
A megohmmeter is a testing device that measures the resistance of insulators and insulation of electrical conductors. Since their resistance is generally very high, this device uses a voltage between 500 and 2000 volts at a fixed current.
This combination can detect minute pinhole leaks in conductors that are not visible to the human eye. These pinhole leaks can cause arcing and eventually an electrical short.