What do I do about my ugly siding on my house possibly having asbestos in it?

I think my ugly siding has asbestos in it. It is like a fake shingle siding, probably from the 50's when the house was built. It is in good shape but not attractive. The color is the main thing we don't like. Option 1 is to just paint over it, but that is just a temporary fix since the siding itself is ugly. Can someone just put siding over it? I think this will be expensive!