There is a very scientific explanation:
Tha praciice followed over to cars & moreso, motorcycles.
My 1911 Buick has several very old gremlin bells attached to its chassis.
The Guardian Drive Bell©As we all know, life has many mysteries that have no apparent solutions. One of these is the Road Gremlins. They are the little creatures that live on your carriage. They love to ride. They're also responsible for most of the mishaps that happen when you drive. The Road Gremlins can't live in the presence of a bell—the hollow of the bell will trap them! Their hearing is supersensitive; thus, the constant ringing of the bell, and the confined space drives them madly insane. In turn, they lose their grip, and eventually fall to the roadway. (Have you ever wondered how potholes are formed?) The Drive Bell© has served its purpose.
The best place to put your bell is as low to the ground as possible. Don't give the Road Gremlins a chance to get on your cart or carriage. The rear axle is a great place for a bell!
If you have picked up a bell of your own, the magic will work. But, if your bell was given to you, its power and magic has been doubled. It will remind you that you are never alone. Enjoy the sweet sound of your drive bell. And know that you are worthy of the protection of those who stay close to you, and that somewhere, you have a special friend helping to watch over you.
So, if you have a friend who doesn't have a bell, why not be that person to give them one? It’s a nice feeling for the recipient to know you personally care. The bell, plus a good preventative maintenance program by the carriage’s owner, will help eliminate the Road Gremlins.