Oh dear, that is another advantage down the Kazi.
Not really .... if you book with credit card (£100 +) you are protected or if you use PayPal you have 180 days protection or for little extra cost you can add SAFI to your insurance. Monarch should pass on the £2.50 ATOL saving - it is doubtful they will however market forces may dictate they have to. Also if you book this year you will still be protected for future flights even if taken after the ATOL certificate for flights is no longer in operation.
The disappointment regarding this is that Monarch did not use it to their advantage (release saying they were now solvent so no need for CAA/ATOL) ... instead the headlines saying Monarch flights no longer protected by ATOL.